GM China’s Q2 Car Sales Declined by 5% as Market Is Back on Track

General Motors and its joint ventures delivered about 713,600 vehicles in China in the second quarter, narrowing its YOY declines from 43 percent in the first quarter to 5.35 percent from a year earlier, while China’s car market and economy have been recovering from the Covid-19 pandemic.

Buick delivered 213,500 units in the second quarter, an increase of 7.8 percent from a year earlier. Cadillac’s sales was about 58,500, 12.06 percent lower from a year ago. Chevrolet delivered 77,600 vehicles, down 27.78 percent from a year ago as cutting price fails to boost its sales.

Baojun’s sales declined the most among all these brands, a decrease of 30 percent to 94,100 from a year earlier. Wuling, the China’s leading mini-van brand, increased by 9.63 percent to 269,800.

China’s auto sales are expected to grow 11 percent to 2.28 million in June, indicating a growth for three consecutive months in the country’s auto market, according to data released by the China Automobile Dealers Association.

GM has already exceeded its plan of introducing 10 NEVs between 2016 and 2020, announced the firm. Following the Chevrolet Menlo, the all-new Baojun E300/E300 Plus and Wuling’s first all-electric models, the Rong Guang electric minivan and the Hong Guang MINI EV, recently joined the portfolio. The Buick VELITE 7 compact SUV will soon be added.

Comments

China’s Cheersson Precision to Supply Continental-BMW Project

Suzhou Cheersson Precision Metal Forming will supply the multi-media product series Retaining Plate Assy that will be used in a new project between German auto parts maker Continental and BMW. The supply period will run from 2022 to 2029, the Suzhou-based supplier of sheet-metal parts, modules and mechanical components said in a statement. Sales are expected to reach about USD23.1 Million. This will be the first time that Cheersson’s products will be used in BMW vehicles, reflecting the recognition of the company’s technical strength, product quality and supply capabilities, the company said. It will also have a positive impact on the firm’s product expansion in various passenger car markets, it added.

Virus Failed to Stop Tesla From Doubling Sales in China

The Covid-19 pandemic did little to control Tesla fans' hunger for the US firm's electric vehicles in its biggest foreign market during the second quarter. The auto firm sold USD1.4 billion worth of cars in China over the quarter, doubling from a year ago, the California-headquartered firm said in a filing to the US Securities and Exchange Commission yesterday. Next, the company is recruiting big in Shanghai to start making Model Ys in its first overseas plant. Tesla’s total revenue slid 5 percent to USD6 billion in the second quarter, according to the same report. Revenue on the home turf fell 11 percent to USD3 billion. The company is hiring 1,000 employees at its Shanghai Gigafactory, including assembly workers and quality inspectors, it said in a statement on We Chat earlier this month. This is the first time that Tesla is recruiting designers in China. The campaign is partly in preparation for Model Ys, Tencent's tech news arm reported, citing an insider. The automaker...

Didi Denies Report Ride-Sharing Giant Plans Hong Kong IPO

Didi Chuxing has dismissed a news report that claimed China’s dominant ride-hailing services provider plans to go public in Hong Kong. The Beijing-based company said it has no such plans at present and an initial public offering is not currently its top priority, The Paper reported today. Chinese media outlet Sina reported on July 20 that Didi is in talks with investment banks for a HKD600 billion (USD77.41 billion) floatation in Hong Kong within the year. It cited an informed investor, who also said the listing would be among the city’s largest IPOs in recent years.

Motors Tracker

Search This Blog