Foundry Daily News

GM acknowledges slower growth in China

China Daily quoted General Motors Co said slowing growth in China won't prompt the company, the largest overseas automaker in the nation, to revise its 2010 sales forecast.

Mr Kevin Wale president of the company China operations at in Ningbo in China reiterate an earlier projection that, GM sales in China will exceed 2 million vehicles this year. Carmakers will sell a combined 15.5 million vehicles in China in 2010.

The China Association of Automobile Manufacturers said China monthly car sales growth slowed in April to the lowest level since March 2009 amid rising consumer and property prices. Sales of cars, sport utility vehicles and multipurpose vehicles increased 33% to 1.11 million from a year earlier compared with a 63% jump in March.

Mr Wale said slowing growth is a natural part of the industry cycle. People need to manage it so they don't end with excess inventory. The market is still very strong. Underlying demand is very strong.

China which overtook the US as the world biggest auto market last year has become GM largest market. The carmaker aims to sell 3 million vehicles a year in China by 2015. It plans to introduce 25 new or updated models in the country by the end of 2011.

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