GM's 2020 China sales drop for third year as pandemic hits market (updated)

Wuling Motors Holdings

06/01/2021 08:36

(Adds more details from the statement)
    BEIJING, Jan 6 (Reuters) - General Motors Co's  GM.N 
vehicle sales in China fell 6.2% in 2020, as the U.S. automaker
suffered a prolonged sales slowdown in the world's biggest auto
market.
    GM, China's second biggest foreign automaker, delivered 2.9
million vehicles in the country last year, the company said on
Wednesday, for a third straight decline in annual sales.
    But sales have been recovering in the second half of last
year, up 12% between July and September and 14% in the final
three months.
    GM has a Shanghai-based joint venture with SAIC Motor Corp
 600104.SS , in which the Buick, Chevrolet and Cadillac vehicle
brands are made. It also has another Liuzhou-based venture, with
SAIC and Guangxi Automobile Group, in which they make no-frills
minivans and have started to make higher-end cars.
    Sales of its Buick brand grew 4% on the year and Wuling rose
9%, the statement said. Luxury brand Cadillac's sales increased
8%.
    Sales of GM's more affordable Baojun brand dropped 33% last
year, while sales of its mass-market Chevrolet tumbled 30%. 
    GM had delivered 3.09 million vehicles in China in 2019 and
3.65 million vehicles in 2018.
    
    
    

 (Reporting by Yilei Sun and Brenda Goh, editing by Louise
Heavens)
 ((Y.Sun@thomsonreuters.com; +86 10 66271262; Reuters Messaging:
y.sun.thomsonreuters.com@reuters.net))