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szdaily -> Business -> 
GM reports first quarterly sales growth in two years
    2020-10-13  08:53    Shenzhen Daily

GENERAL Motors Co.’s (GM) vehicle sales in China grew 12 percent over the July-September period versus the same period a year earlier, the Detroit automaker’s first Chinese quarterly sales growth in two years.

The second-biggest foreign automaker in China by units — after Germany’s Volkswagen AG — said yesterday that it delivered 771,400 vehicles in China in the third quarter of the year. That followed a second-quarter fall of 5 percent.

GM has a Shanghai-based joint venture with SAIC Motor Corp. Ltd. making Buick, Chevrolet and Cadillac vehicles. It has another venture, SGMW, with SAIC and Guangxi Automobile Group, producing no-frills mini-vans and which has started manufacturing higher-end cars.

China sales of mass-market brand Buick rose 26 percent in the third quarter of the year, GM said yesterday in a statement. Sales of its mass-market Chevrolet marque fell 20 percent whereas those of premium brand Cadillac jumped 28 percent.

Sales of no-frills brand Wuling grew 26 percent, whereas those of mass-market Baojun vehicles tumbled 19 percent.

GM has seen its China sales suffer in a crowded market and slowing economy. To revive its fortunes, it wants electric vehicles (EVs) to make up over 40 percent of new launches over the next five years in China, where the government promotes greener cars.

The automaker’s Wuling Hong Guang MINI EV, a micro two-door EV with a starting price of 28,800 yuan (US$4,200), was China’s biggest-selling electric vehicle in August.

GM’s sales in 2019 fell 15 percent from a year earlier to 3.09 million vehicles. The automaker delivered 3.65 million vehicles in 2018 and 4.04 million units in 2017.(SD-Agencies)

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