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STORY: General Motors told investors on Wednesday it would take a more than $5 billion hit on its joint venture in China, sending its shares lower in morning trading.GM's China division, once a profit engine, is now losing money.The non-cash charges include $2.6 to $2.9 billion for restructuring costs, and $2.7 billion for reduced joint-venture value.GM has struggled to compete with carmakers in China, the world's largest auto market, as they are partly buoyed by government subsidies.GM partners with SAIC Motors in China to build Buick, Chevrolet and Cadillac vehicles.CEO Mary Barra has been transforming GM's China operations, and told investors in October that by the end of the year, there would be "a significant reduction in dealer inventory" and "modest improvements" in sales and [market] share.The automaker lost about $350 million in the region in the first three quarters of this year.Stiff competition and a price war in China have had visible effects on other automakers as well.Volkswagen, while now the best-selling brand in China, is trying to deepen ties with Chinese partners, including SAIC, for EV technology to offset flagging sales. The German automaker and SAIC agreed to extend their joint venture to 2040.And GM rival Ford is transforming its presence in China to become a vehicle export hub - though some analysts have urged all of Detroit's automakers to cut their losses and exit China altogether.