BEIJING (Reuters) – Normal Motors Co’s (GM.N) July to September car gross sales in China fell 17.5%, because the U.S. automaker was damage by a slowing economic system amid the Sino-U.S. commerce conflict and by heightened competitors in its key mid-priced SUV phase.
FILE PHOTO: The GM brand is pictured on the Normal Motors Meeting Plant in Ramos Arizpe, state of Coahuila, Mexico October 7, 2019. REUTERS/Daniel Becerril/File Picture
GM delivered 689,531 autos in China within the third quarter this yr, in accordance with an organization assertion. The drop for the quarter ended September 30 marks the fifth straight quarterly gross sales decline for GM in China, the world’s greatest auto market.
It delivered 2.26 million autos within the first 9 months this yr, in accordance with Reuters calculation.
As GM and Ford Motor Co’s (F.N) China gross sales prolong declines, U.S. automobile firms’ share of complete China passenger autos gross sales fell to 9.5% within the first eight months of this yr from 10.7% within the year-ago interval, in accordance with the China Affiliation of Car Producers (CAAM).
Over the identical interval, German automobile makers’ share has risen to 23.8% from 21.6% and Japanese auto makers’ to 21.7% from 18.3%.
In China, GM has a three way partnership with SAIC Motor Corp (600104.SS), during which the Buick, Chevrolet and Cadillac are made. It additionally has one other enterprise, with SAIC and Guangxi Car Group, during which they make no-frills minivans and have began to make higher-end automobiles.
GM, the second greatest worldwide automaker in China by gross sales, offered 3.64 million items in China final yr, down from 4.04 items in 2017.
Gross sales of GM’s reasonably priced model Baojun dropped 34.9% for the newest quarter, whereas gross sales of the mass-market Buick fell 20.6%. However luxurious model Cadillac’s gross sales jumped 10.9%.
Annual trade automobile gross sales in China fell final yr for the primary time because the 1990s, and they’re anticipated to fall this yr too. Gross sales dropped 6.9% in August from the identical month a yr prior, CAAM stated.
An official on the affiliation stated final month that within the subsequent three years the trade might see “low or small unfavourable progress”.
CAAM is about to announce September gross sales subsequent week.
Reporting by Yilei Solar and John Ruwitch; Modifying by Muralikumar Anantharaman