General Motors expects more challenges in China following a double-digit sales decline in 2019.
GM's sales in China dropped 15.1% to nearly 3.1 million vehicles last year compared with 2018, including a 13.3% year-over-year drop in the fourth-quarter.
GM expects the country's downturn to continue this year and pose additional challenges for the automaker.General Motors Chairman & CEO Mary Barra and President of General Motors China Matt Tsien attend a press conference in Shanghai, China September 15, 2017.expects continued challenges in China following a double-digit sales decline in 2019.
GM's sales in China dropped 15.1% to nearly 3.1 million vehicles last year compared with 2018, including a 13.3% year-over-year drop in the fourth-quarter, the Detroit automaker and its joint ventures in China said Tuesday. The sales drop marked the second-consecutive year of declines for GM amid a weakening Chinese economy andGM China President Matt Tsien said the company expects the country's downturn to continue this year and pose additional challenges for the automaker.
"We expect the market downturn to continue in 2020, and anticipate ongoing headwinds in our China business," heGM shares were down about 1% in mid-morning trading Tuesday to roughly $35.50. The stock is up 3% over the past 12 months but down roughly that same amount over the last week. China is the world's largest automotive market and surpassed the U.S. as GM's top-selling market in 2010. Sales in China have become significantly more important for GM in recent years as it has shed other international operations such as Europe, Russia, India and other countries.
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