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This Thursday morning, we’re covering GM having over $5B in non-cash charges with its China operations and how a crypto millionaire is launching a unique $2M treasure hunt.
Show Notes with links:
- General Motors announced over $5 billion in non-cash charges tied to its struggling operations in China, reflecting the immense challenges foreign automakers face in the world’s largest auto market.
- GM faces charges of $2.6-$2.9 billion for restructuring and $2.7 billion for reduced value in its joint-venture with SAIC.
- The company’s Chinese operations saw a 59% sales drop through November, selling 371,000 units compared to BYD’s 3.7 million.
- GM isn’t alone in facing challenges in China—Volkswagen has seen declining sales, Nissan is cutting 9,000 jobs, and Ford is shifting focus to vehicle exports as competition from local automakers intensifies.
- CEO Mary Barra has described China as "untenable for many corporations."
- Some experts are concerned that the Chinese market may not be viable for Western automakers, with Bernstein analysts saying: “Headwinds in China remain too great to create meaningful profitability.”
- Entrepreneur Jon Collins-Black has launched a nationwide treasure hunt, hiding five chests worth $2 million across the U.S. Clues are embedded in his new book, There’s Treasure Inside.
- Collins-Black is a Bitcoin millionaire with a passion for unique collections.
- The treasure includes items like Bitcoin, shipwreck bounty, rare Pokémon cards, and historical artifacts from figures like George Washington and Amelia Earhart.
- Each chest is custom-made by a blacksmith, with one larger chest holding the "lion’s share" of riches.
- Over five years of planning went into this project, including expert consultation and detailed documentation of the treasures.
Join Paul J Daly and Kyle Mountsier every morning for the Automotive State of the Union podcast as they connect the dots across car dealerships, retail trends, emerging tech like AI, and cultural shifts—bringing clarity, speed, and people-first insight to automotive leaders navigating a rapidly changing industry.
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