CEO Mary Barra Says General Motors ‘Committed to China’ Despite $106M in Quarterly Losses

Despite losses in the first quarter of 2024, General Motors CEO Mary Barra says the Detroit-based automaker is “committed to China” with plans to go all-in with Electric Vehicles .GM’s market share in China, including its joint ventures, has plummeted from roughly 15% as recently as 2015 to 8.6% last year

— the first time it has dropped below 9% since 2003. GM’s earnings from the operations have also fallen, down 78.5% since peaking in 2014, according to regulatory filings. Other than the first quarter of this year, the only quarterly losses for GM in China since 2009 were a $167 million shortfall during the first quarter of 2020During an earnings call late last month, Barra suggested she has no plans to pull GM out of China despite the losses in the first quarter.

“Over the long term, we’re committed to China,” Barra said, according to CNBC. “We believe that it’s a market that — over the medium term — will have substantial growth.” General Motors and China flags fly at the company’s China headquarters in Shanghai on April 19, 2013. Unused charging stations for General Motors’ Buick Velite electric vehicle stand outside the company’s dealership in Shanghai, China, on July 17, 2019. “We think clearly that market has shifted and the landscape has shifted … with the capability of the Chinese . But we still think there’s a role and a place for GM to play with luxury premium,” Barra said.Fox News Digital last week that the transition to EVs is a “colossal mistake” for the American auto industry.

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