GM Is Pulling Back in Chinese Car Market It Once Pioneered (1)

General Motors Co. Chief Executive Officer Mary Barra has said that China’s crowded market is a “race to the bottom.” For GM, it’s a contest that’s left the automaker saddled with losses and rethinking its options.

The American carmaker revealed Wednesday that it would take charges and asset writedowns of more than $5 billion for its investment in a joint venture with Shanghai’s SAIC Motor Corp. and to restructure operations in China, including closing factories.

In a country that not long ago counted Buick and Chevrolet as two of the most popular foreign brands, GM’s profits and market ...