GM China Sales Fall for Third Time in Four MonthsBloomberg News
General Motors Co. deliveries slumped for a third time in the past four months in China amid an industrywide slowdown in the world’s largest auto market.
GM and its China joint ventures sold 229,175 vehicles in July, 4 percent fewer than a year earlier, according to a statement on its website Thursday. The decline was mainly due to a dip in sales leading up to the introduction of new models and the phasing out of older Chevrolets, the company said.
The Detroit-based carmaker cut its outlook for China’s industrywide growth for this year to a low single-digit range last month, from the 6 percent to 8 percent range it projected earlier. The automaker also said it expects a more volatile market in China as growth moderates and stiffer competition to increase the pressure to cut prices.
Buick deliveries rose 4.8 percent in the first seven months, Chevrolet sales slipped 3.1 percent and Cadillac climbed 12 percent. GM’s low-cost Wuling brand sales fell 7 percent, while Baojun saw a 323 percent surge in the first seven months. The company didn’t provide the July sales figures for the individual brands in its release.
Together with its Chinese partner SAIC Motor Corp., GM said last month it is investing $5 billion to develop cars for the Chevrolet brand to boost market share in emerging markets such as China, Brazil and India.
— With assistance by Alexandra Ho
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