Breaking News
Investing Pro 0
Free Webinar - The Role of Psychology in Trading - Thursday, December 8, 2022 | 04:00PM EST Enroll Now

GM's third-quarter China vehicle sales down 17.5%, as U.S. automakers cede ground

Stock Markets Oct 10, 2019 04:06AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Employees work on Baojun RS-5 cars at a final assembly plant operated by General Motors Co and its local joint-venture partners in Liuzhou
 
GM
+0.25%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
F
+0.08%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
600104
+0.07%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

BEIJING (Reuters) - General Motors Co's (N:GM) July to September vehicle sales in China fell 17.5%, as the U.S. automaker was hurt by a slowing economy amid the Sino-U.S. trade war and by heightened competition in its key mid-priced SUV segment.

GM delivered 689,531 vehicles in China in the third quarter this year, according to a company statement. The drop for the quarter ended September 30 marks the fifth straight quarterly sales decline for GM in China, the world's biggest auto market.

It delivered 2.26 million vehicles in the first nine months this year, according to Reuters calculation.

As GM and Ford Motor Co's (N:F) China sales extend declines, U.S. car companies' share of total China passenger vehicles sales fell to 9.5% in the first eight months of this year from 10.7% in the year-ago period, according to the China Association of Automobile Manufacturers (CAAM).

Over the same period, German car makers' share has risen to 23.8% from 21.6% and Japanese auto makers' to 21.7% from 18.3%.

In China, GM has a joint venture with SAIC Motor Corp (SS:600104), in which the Buick, Chevrolet and Cadillac are made. It also has another venture, with SAIC and Guangxi Automobile Group, in which they make no-frills minivans and have started to make higher-end cars.

GM, the second biggest international automaker in China by sales, sold 3.64 million units in China last year, down from 4.04 units in 2017.

Sales of GM's affordable brand Baojun dropped 34.9% for the latest quarter, while sales of the mass-market Buick fell 20.6%. But luxury brand Cadillac's sales jumped 10.9%.

Annual industry car sales in China fell last year for the first time since the 1990s, and they are expected to fall this year too. Sales dropped 6.9% in August from the same month a year prior, CAAM said.

An official at the association said last month that in the next three years the industry could see "low or small negative growth".

CAAM is set to announce September sales next week.

GM's third-quarter China vehicle sales down 17.5%, as U.S. automakers cede ground
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
ahtsham shani
ahtsham shani Oct 10, 2019 2:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
must be better
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email