General Motors’ year-on-year sales in China were up 67 per cent in 2009, and the firm claims 2010 will see further growth.
Last year was a troubled one for GM, as the firm was forced to enter Chapter 11 bankruptcy protection in the US, but China proved to be one of the company’s success stories.
GM sold 1.83 million vehicles in China last year and its market share grew from 1.3 per cent to 13.4 per cent. The firm is now the largest volume seller in China.
GM China boss Kevin Wale expects further growth this year, although the pace of growth will not be as strong as in 2009.
“Despite the sales records in 2009, it looks as if 2010 will be even stronger,” he said. “The industry outlook is strong and we expect more growth, albeit at a somewhat slower pace.”
One Chinese industry analyst claimed GM’s success in China last year saved the company from extinction. “China has saved General Motors,” said Zhang Xin from Guotai Junan Securities. “The explosive growth seen last year in China won’t be repeated in 2010, but demand for automobiles remains strong.”
Join the debate
Add your comment
Re: GM sees record growth in China
"GM China boss Kevin Wale expects further growth this year, although the pace of growth will not be as strong as in 2009.
“Despite the sales records in 2009, it looks as if 2010 will be even stronger,” he said. “The industry outlook is strong and we expect more growth, albeit at a somewhat slower pace.”"
........that statement makes no sense, its gibberish????