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Home»Economic News»GM loses its golden goose in China
Economic News

GM loses its golden goose in China

December 5, 2024No Comments1 Min Read
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Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.

General Motors is facing challenges in China as its market share declines and losses mount. The company, known for brands like Buick and Chevrolet, is struggling to compete with local players and navigate a slowing auto market.

Column chart of % of total vehicles sold in China showing GM's declining market share in China

Last year, GM sold fewer vehicles in China than in the US for the first time since 2009. The company is now taking steps to restructure its China business amidst mounting losses and declining market share.

Line chart of Number of vehicles, 000s showing GM sold more vehicles in the US

Despite these challenges, GM’s North American business continues to thrive, driving the company’s overall profitability. However, investors should not overlook the implications of GM’s struggles in China, as the competitive landscape and market dynamics pose significant obstacles.

GM remains optimistic about its future in China, aiming to achieve profitability next year. However, the road ahead is uncertain, with local brands gaining momentum in the electric vehicle space and intensifying competition.

As GM and other foreign carmakers navigate the evolving Chinese market, the future of their profitability remains uncertain amidst shifting consumer preferences and market dynamics.

pan.yuk@ft.com

China Golden goose Loses
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