GM’s CEO Mary Barra told Fortune in October that China’s EV price war “has become a race to the bottom with pricing and the level of subsidies.” Barra explained that low-cost loans enable some companies to sell cars at a loss, which puts pressure on foreign automakers like GM.

General Motors told shareholders on Wednesday that it would record two non-cash charges totaling more than $5 billion on its joint venture in China, one related to the restructuring of the operation and another reflecting its reduced value.

The charge marks the latest example of how global automakers are struggling in China as local consumers embrace electric vehicles from homegrown brands.