GM Expects Strong Growth in China in 2009

[JI7]

Source: wall street journal

BEIJING -- General Motors Co.'s sales in China this year will likely exceed 1.6 million units, said Kevin Wale, president and managing director of GM China Group.

The forecast represents an increase of about 47% from last year, when GM's total vehicle sales in China rose 6.1% to 1.09 million units.

GM sold 1.29 million units in China in the January-September period this year, an increase of 56% from the same period last year.

Mr. Wale also said he is confident the Chinese government will take appropriate actions next year to maintain stability in the country's auto market, which is on track to overtake the U.S. as the world's largest auto market this year.

Read more: http://online.wsj.com/article/SB10001424052748704107204574472474011172820.html?mod=googlenews_wsj

[pampango]

1. Sounds like Ford and some other foreign auto companies have done well too.

"Ford Motor Co. said sales rose 32 percent in the first nine months of the year to 316,639 units, with sales in September jumping nearly 80 percent from the year before. Other foreign automakers have reported similar, hefty double-digit sales growth."

"Volkswagen, one of the earliest entrants in the market, and GM have traditionally dominated sales, though major independent automakers, such as Geely Automobile, Chery Automobile and BYD Autos have taken significant market shares of their own. BYD has backing from billionaire investor Warren Buffet's MidAmerican Energy Holdings Co."

"So far, none of China's domestic car manufacturers have managed to meet rigorous U.S. safety standards, and most Chinese vehicle exports go to other developing markets in the Middle East, Latin America and Africa.

China's auto exports totaled only 30,000 units in September, the China Association of Automobile Manufacturers reported, down nearly 37 percent from a year earlier. For the year, exports have fallen 57 percent from the same period last year, to 217,400."

http://www.google.com/hostednews/ap/article/ALeqM5hG-udu2YB9s5alt-DBa3JgkuvJiAD9BAF6DG0

[saigon68]

2. Smog on their roads much?

The place is a cess-pool of pollution