GM said it would write down the value of its joint venture with China's SAIC Motors by as much as $2.9 billion and incur restructuring charges.

GM has lost money in China for three consecutive quarters, with its sales in the country falling 18 percent in the first nine months of the year to 1.2 million vehicles. SAIC-GM, which builds Chevrolet, Buick and Cadillac vehicles, is one of two joint ventures for the automaker in China.