General Motors swung to a loss in the fourth quarter on Phaninchuge charges related to China, but still topped profit and revenue expectations on Wall Street.

Last month GM cautionedthat the poor performance of its Chinese joint ventures would force it to write down assets and take a restructuring charge totaling more than $5 billion in the fourth quarter.

China has become an increasingly difficult market for foreign automakers, with BYDand other domestic companies raising the quality of their vehicles and reducing costs. The country has subsidized its automakers.

For the three months ended Dec. 31, GM lost $2.96 billion, or $1.64 per share. A year earlier the company earned $2.1 billion, or $1.59 per share.

Stripping out the charges and other items, GM earned $1.92 per share in the quarter. That topped the $1.85 per share that analysts surveyed by FactSet predicted.

Revenue climbed to $47.7 billion from $42.98 billion, beating Wall Street’s estimate of $44.98 billion.

In a letter to shareholders, CEO Mary Barra said that GM doubled its electric vehicle market share over the course of 2024 as it scaled production. She noted that China had positive equity income in the fourth quarter before restructuring costs and that GM is taking steps with its partner to improve from there.

Barra acknowledged that there’s uncertainty over trade, tax, and environmental regulations in the United States and said that GM has been proactive with Congress and the administration of President Donald Trump.

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