China’s passenger vehicle sales continued to grow in June but at a slower rate to the previous month. The China Automotive Technology & Research Center said sales of cars, sport-utility vehicles and multipurpose vehicles grew 10.9% year-on-year to 839,228 against 34% growth in April and 25% in May. Fearing a severe cooling of car sales, [...]
General Motors’ China sales rose 41% 10 213,115 vehicles last month compared to a year earlier. While GM’s sales growth rate was down from its 68% jump in March, China is the American firm’s biggest market so far this year. Among its joint ventures in China, sales at Shanghai General Motors rose 62% in April [...]
General Motors sold 230,048 vehicles in China in March, up 68% year-on-year. The sales numbers, in comparison with total US sales of 188,011 vehicles, helped to make China the automaker’s largest market so far this year. First-quarter sales in China rose 71% to 623,546 units, while sales in the US grew 16% to 475,253 units. [...]
Shanghai Automotive Industry Corp (SAIC), China’s largest domestic automaker, announced a tenfold increase in 2009 profits to $967 million. Sales increased 32% to $20.45 billion, driven by government stimulus spending and increased demand in second- and third-tier cities for the company’s lightweight commercial vehicles. China became the world’s largest automobile market in 2009 when the [...]
Sichuan Tengzhong Heavy Industrial Machinery Co has withdrawn its proposed acquisition of General Motors’ Hummer unit after the deal failed to meet with approval from domestic regulators. Tengzhong had hoped to buy Hummer for $150 million, but its application to Chinese authorities appears to have stalled within the government bureaucracy. Tengzhong had applied for approval [...]
Sichuan Tengzhong Heavy Industrial Machinery Co said it was considering a number of options, including the use of an offshore investment vehicle, to secure a purchase of General Motors’ Hummer unit if the deal did not meet with regulatory approval. A GM spokesman said GM and Tengzhong “are still working together” on the deal. However, [...]
General Motors (GM) saw its January sales in China rise 97% year-on-year to 219,192 units. The company has more than maintained the 67% sales growth experienced last year, although it is worth noting that January 2009 was the only month in which auto sales dropped, thereby exacerbating the 2010 year-on-year gain. The tax cut on [...]
The deadline for finalizing the sale of General Motors’s (GM) Hummer brand to Sichuan Tengzhong Heavy Industrial Machinery has been extended to the end of February as the two sides await Chinese regulatory approval. The original deadline for the deal, which was announced in early October, was January 31. Hummer CEO Jim Taylor said that [...]
General Motors (GM) expects to sell around two million vehicles in China in 2010, at least two years ahead of its earlier sales schedules. Having seen sales grow 67% to 1.83 million units in 2009, the company expects continued strong demand despite government plans to scale back purchase incentives. Last year the sales tax on [...]
Kevin Wale, president of General Motors (GM) in China, said Wednesday that China is likely to retain its auto sales lead and remain the world’s largest auto sales market for the foreseeable future. Wale said the gap created by China’s surging auto sales over the last year will be too wide for the US to [...]
