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GM's China sales drop 5% in second quarter, underperforms industry recovery

GM's China sales drop 5% in second quarter, underperforms industry recovery

7/3/2020 10:55:00 AM

GM's China sales drop 5% in second quarter, underperforms industry recovery

General Motors Co's vehicle sales in China dropped 5.3% between April and June from the corresponding period last year, underperforming the industry average amid a recovery from the coronavirus fallout on the world's biggest auto market.

FILE PHOTO: The GM logo is seen at the General Motors plant in Sao Jose dos Campos, Brazil, January 22, 2019. REUTERS/Roosevelt Cassio/File PhotoBEIJING (Reuters) - General Motors Co’s (GM.N) vehicle sales in China dropped 5.3% between April and June from the corresponding period last year, underperforming the industry average amid a recovery from the coronavirus fallout on the world’s biggest auto market.

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China’s overall figure, which includes passenger and commercial vehicles, rose 4.4% in April and 14.5% in May, said the China Association of Automobile Manufacturers (CAAM), adding that it expected auto sales to grow 11% in June.GM, China’s second-biggest foreign automaker after Volkswagen AG (

), delivered 713,600 vehicles in the country in the second quarter, the company said in a statement, after reporting a drop of 43% in sales in the first quarter, due to the pandemic.GM has a Shanghai-based joint venture in China with SAIC Motor Corp (

600104.SS) which makes Buick, Chevrolet and Cadillac vehicles. It has another venture, SGMW, with SAIC and Guangxi Automobile Group that produces no-frills minivans and has started making higher-end cars.Sales of GM’s mass-market brand Buick rose 7.8% while Chevrolet dropped 27.7% for the latest quarter. Sales of premium brand Cadillac fell 12%, GM said in a statement on Friday.

Sales of the no-frills brand Wuling grew 9.7%, but those of Baojun tumbled 30.7%.Reporting by Yilei Sun and Brenda Goh; Editing by Shri Navaratnam and Clarence Fernandez Read more: Reuters Top News »

YouTube star Jake Paul's Los Angeles-area home raided by FBI

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