GM announces that China is Crown Jewel in GM empire

Industry News | Ash | February 17, 2011 at 3:48 pm

From Reuters:

General Motors Co is expanding the range of cars it sells in China, a step that could help build on its position in the world’s biggest auto market as it tries reclaim the No.1 global carmaker spot from Toyota Motor Corp .

General Motors Chief executive Daniel Akerson said GM will add over 20 new and upgraded models in China in the next two years. He didn’t specify which car models the company would introduce.

“China is clearly a crown jewel in the GM universe,” said Akerson, speaking to reporters in Beijing on Tuesday. “China is a unique market sitting in what I think is the highest growth area in the world for the next 10, 20, 30 years.”

China sales have been a major bright spot for GM and other global industry giants, including Bayerische Motoren Werke AG and Volkswagen . Last year, GM sold 2.35 million vehicles in the country, more than the Detroit heavyweight sold in its home market.

But the once-booming market is settling into a more rational growth pattern of 10-15 percent this year after the government scrapped most of its auto incentives at the end of 2010.

Ash

Ash came to China at 18 on a whim and never left. Some 10 years later he collected a degree and a family along the way and now focuses his time on watching the Chinese car industry develop. He has witnessed the market change from being minor backyard market in to the world's biggest and most important market for all car manufacturers. You can contact or connect with him via Linkedin by clicking the 'Website' link.