GM Sales Dip in August
CBJ – With a stumbling economy in China, it comes as little surprise that General Motors is reporting its biggest drop in sales in five months in the world’s second largest economy.
Vehicle sales for GM and its joint venture partners fell almost 5% year-on-year in August. Comparatively, Ford and Nissan also posted lower sales for the month, highlighting the divide between winners and losers in the Chinese market.
However, China’s cooling economy can’t take all the blame for a decline in sales. The figures for GM contrast sharply with last week’s major sales gains for Toyota, Honda and Mercedes maker Daimler AG in China, demonstrating the importance of having in-demand products to entice buyers.
China’s economy is forecast to grow at its slowest pace in a quarter of a century this year. Mainland stock markets have tumbled almost 40% since mid-June after a sharp run-up that began late last year.