General Motors told shareholders on Wednesday that it would record more than $5 billion in two non-cash charges in the fourth quarter due to ailing business in China, causing the automaker to make fewer models and close down manufacturing plants.

GM will reduce its joint-venture value with China’s state-owned SAIC Motor by $2.6 billion to $2.9 billion, and the automaker estimates restructuring costs will be $2.7 billion. The Detroit-based automaker partners with SAIC to produce Buick, Cadillac, and Chevrolet vehicles.