GM (GM) says it will sell a million cars in China this year. According to Reuters, the Chinese market will buy 8.5 million new cars this year, putting GM’s share at 12%. The big car-marker said that the average price per car is dropping due to competition.
But, GM has now found a really large market outside the US. The company has indicated that sales in South America are also robust, but China is becoming a hedge for falling domestic sales. If the company can hold market share here, its global business could rebound strongly. GM’s US sales were up in August while those of all other large manufacturers were down.
Douglas A. McIntyre