U.S. automakers like GM are rapidly losing ground in China, once an engine for growth [CNBC]
Stellantis N.V. Common Shares (STLA)
Company Research
Source: CNBC
China was once a profit engine for GM, and its top sales market from 2010 to 2023. But the automaker lost $106 million there during the first quarter, only its third quarterly loss in the region in at least 15 years and the largest outside of the coronavirus pandemic during that time. It comes after a nearly decade-long slide in profits and market share for GM in China that has some industry watchers questioning whether the automaker can turn around the operations, or if it would be better to exit the country – an unimaginable prospect just a few years ago. Barra, who visited China last week during an auto show in Beijing, said GM remains committed to the market which the company entered through a joint venture in 1997. “Over the long-term, we're committed to China. We believe that it's a market that, over the medium-term, will have substantial growth,” she said during GM's quarterly earnings call on April 23. The comments came months after Barra told investors in February th
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