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04. April 2011

GM China March sales growth slows for second month on end of incentives

Bloomberg reported that General Motors Co, the biggest overseas automaker in China reported slower sales growth for the second straight month as the removal of government incentives cut deliveries at its local minivan venture.

Detroit based company said in a statement GM sold 233,014 vehicles in China last month. Deliveries barely rose from March 2010 230,048 and follow a 6% increase in February and a 19% rise in January.

Mr Dan Akerson Chief Executive Officer is counting on emerging markets including China to help drive growth after an initial public offering of more than USD 20 billion in November. The carmaker plans to boost investment in China and introduce new models during the next two years.

GM said March 31 it plans the global launch of the latest version of its Chevrolet Malibu mid-size sedan at the Shanghai Auto show this month. The company estimates it has a 14.7% market share in China.

Last year, overall auto sales surged 32% to a record 18.06 million helping make China the world largest vehicle market for the second year running.

 

Source: Bloomberg

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