General Motors expects to take an earnings hit of as much as $5 billion in its fourth quarter because of weakness in its Chinese joint venture with state-owned SAIC.

In a Wednesday regulatory filing, GM said it expects to write down the value of the joint venture between $2.6 billion and $2.9 billion. It will have to spend another roughly $2.7 billion to restructure the business, including plant closures. GM shares slipped shortly after markets opened.

GM’s China business has become less and less lucrative since 2018, and it started to go into the red this year. The company’s CEO has insisted in the past that GM has no plans to leave China.