8.3GM China July sales up 78% y/y to 144,593 units

GM China July sales up 78% y/y to 144,593 units

 

http://autonews.gasgoo.com/auto-news/1011579/GM-China-July-sales-up-78-y-y-t
o-144-593-units.html

 

Shanghai, August 3 (Gasgoo.com) General Motors said today its sales in China
last month rose 77.7% from a year earlier to 144,593 units, Dow Jones
reported. Sales in the January-July period rose 42.8% from the same period
last year to 959,035 units, GM said in a statement. It didn't provide the
year-earlier figures. 

 

"This was GM China's best July ever, extending an uninterrupted series of
single-month sales records that started in January 2009," GM said in the
statement. The U.S. automaker makes vehicles in China mainly through two
joint ventures, Shanghai GM and SAIC-GM-Wuling, with partners SAIC Motor
Corp. and Wuling Automobile Co.

 

Government subsidies for new vehicles have made China a growing market for
carmakers battling plunging demand in the U.S., Europe and Japan. "We are
assuming that they will continue" to offer stimulus measures in some form,
GM China President Kevin Wale said in an interview at last week. 

 

China is surpassing the U.S. as the world's largest auto market this year
after the government halved retail sales taxes on small cars and distributed
subsidies in rural areas to help spur demand for vehicles including
minivans. GM, part-owner of the country's biggest minivan maker
SAIC-GM-Wuling, boosted first-half vehicle sales 38% to 814,442 units. 

 

The Chinese market has assumed a central role in GM's strategy after the
auto giant's predecessor collapsed into bankruptcy amid plunging U.S. auto
sales. The Detroit-based company gets about 20% of global sales in China and
plans to oversee all of its international businesses from Shanghai. 

 

GM's operations in China were unaffected by the U.S. bankruptcy because of
their local funding, Wale said. GM plans to roll out as many as 30 models in
the next five years in China. At least one model will be tailor-made for the
local market.

 

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