Sign in to follow this  
Followers 0
NINETY EIGHT REGENCY

GM sales up 51%, Ford up 37.5% in China

1 post in this topic

GM sales up 51%, Ford up 37.5% in China

Elaine Kurtenbach / Associated Press

Shanghai -- General Motors said its February vehicle sales in China rose 51 percent from a year earlier, while Ford and Toyota also reported double digit growth, even as momentum eased from the previous month.

The 174,306 vehicles sold by General Motors Co. and its joint ventures in China in February was a company record for the month, it said today, though well below the 219,192 vehicles sold in January.

That could reflect slower sales due to the Lunar New Year holiday in a traditionally slow month, but also a softening in demand for small cars that have powered the company's growth in China over the past year.

"Our February sales numbers exceeded our expectations despite the Spring Festival holiday," Kevin Wale, president and managing director for GM China Group, said in a statement.

Ford Motor Co.'s joint venture in China, Changan Ford Sales Co., reported that sales climbed 37.5 percent in February to 18,193 Ford brand passenger vehicles. That compared with 30,759 sold in January.

Sales of Toyota-brand vehicles rose 30 percent from the year before to 45,000 units, said company spokesman Niu Yu. That also was down sharply from 72,000 vehicles sold in January.

Toyota's president Akio Toyoda held a news conference Monday in Beijing, apologizing for quality problems that have led to 8.5 million vehicles being recalled worldwide since October due to sticky gas pedals, faulty floor mats and glitches in braking software.

The company, whose 75,522 RAV4 sport-utility vehicles recalled in China is a small fraction of that total, has sought to prevent the damage seen in the U.S. and elsewhere from spreading to the fast-growing Chinese market.

Toyota announced this week it is repairing more than 1.6 million vehicles around the world, including the United States and Japan, for potentially leaky oil hoses. Niu said China was not affected.

The bulk of GM's were still by SAIC-GM-Wuling, GM's minivehicle joint venture, which sold 110,315 units, up 37.7 percent from the year before, the company reported.

Sales by GM's flagship in China, Shanghai GM, climbed 65.7 percent to 58,182 units, with demand for Chevrolet models accounting for more than 40,000 of that total. Sales of Cadillacs more than tripled to over 900 units.

GM's sales in China climbed nearly 74 percent from a year earlier in the first two months of the year, to 393,498 units.

Automakers are looking to China to offset weak demand in traditional markets and to drive future growth. Last year, China overtook the United States as the biggest auto market with a 48 percent jump in sales, helped by government tax breaks and subsidies meant to encourage purchases of energy efficient, small vehicles.

Analysts expect sales growth to slow somewhat this year, though so far the market has kept relatively strong momentum.

China's official auto sales figures are due for release next week.

From The Detroit News: http://www.detnews.com/article/20100303/AUTO01/3030389/1148/auto01/GM-sales-up-51---Ford-up-37.5--in-China#ixzz0h7cbNjaV

0

Share this post


Link to post
Share on other sites

Your content will need to be approved by a moderator

Guest
You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   You have pasted content with formatting.   Remove formatting

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

Sign in to follow this  
Followers 0