General Morons: CEO Mary Barra Says GM ‘Committed to China’ Despite $106M in Losses

[Kyle]

CEO Mary Barra Says General Motors ‘Committed to China’ Despite $106M in Quarterly Losses


Despite losses in the first quarter of 2024, General Motors (GM) CEO Mary Barra says the Detroit-based automaker is “committed to China” with plans to go all-in with Electric Vehicles (EVs).

In the first quarter of the year, GM saw losses of $106 million in China, CNBC reports. It is a blow to GM, which from 2010 through 2023 counted the Chinese market as its biggest seller.

CNBC also notes GM’s declining market share in China:

GM’s market share in China, including its joint ventures, has plummeted from roughly 15% as recently as 2015 to 8.6% last year — the first time it has dropped below 9% since 2003. GM’s earnings from the operations have also fallen, down 78.5% since peaking in 2014, according to regulatory filings. [Emphasis added]

…

Other than the first quarter of this year, the only quarterly losses for GM in China since 2009 were a $167 million shortfall during the first quarter of 2020 due to the coronavirus pandemic and an $87 million loss during the second quarter of 2022. [Emphasis added]

CEO Mary Barra Says GM 'Committed to China' Despite Quarterly Losses

Despite losses in the first quarter of 2024, General Motors (GM) CEO Mary Barra says the Detroit-based automaker is "committed to China."

www.breitbart.com

 

[BOP]

CEO Mary Barra Says General Motors ‘Committed to China’ Despite $106M in Quarterly Losses


Despite losses in the first quarter of 2024, General Motors (GM) CEO Mary Barra says the Detroit-based automaker is “committed to China” with plans to go all-in with Electric Vehicles (EVs).

In the first quarter of the year, GM saw losses of $106 million in China, CNBC reports. It is a blow to GM, which from 2010 through 2023 counted the Chinese market as its biggest seller.

CNBC also notes GM’s declining market share in China:

GM’s market share in China, including its joint ventures, has plummeted from roughly 15% as recently as 2015 to 8.6% last year — the first time it has dropped below 9% since 2003. GM’s earnings from the operations have also fallen, down 78.5% since peaking in 2014, according to regulatory filings. [Emphasis added]

…

Other than the first quarter of this year, the only quarterly losses for GM in China since 2009 were a $167 million shortfall during the first quarter of 2020 due to the coronavirus pandemic and an $87 million loss during the second quarter of 2022. [Emphasis added]

CEO Mary Barra Says GM 'Committed to China' Despite Quarterly Losses

Despite losses in the first quarter of 2024, General Motors (GM) CEO Mary Barra says the Detroit-based automaker is "committed to China."

www.breitbart.com

There is a discernible pattern when women are in charge.

 

[HemiHauler]

China is the largest car market on the planet. But they want affordable EVs because their economy is softening. GM doesn’t make affordable EVs. GM isn’t the only manufacturer having issues in China.

Elon was there last week deal making.

 

[GURPS]

CNBC also notes GM’s declining market share in China:

Duh .... to do business in China you are required to register a Chinese owned parallel company, then China steals your designs and starts manufacturing a copy of your vehicle

 

[HemiHauler]

Duh .... to do business in China you are required to register a Chinese owned parallel company, then China steals your designs and starts manufacturing a copy of your vehicle

Chinese EV manufacturers have long been global leaders in EVs. You don’t get that way by stealing tech. In industries where that does happen the Chinese equivalent products are junk.

Not so with EVs.

Further, any manufacturers signing contracts to compete in the Chinese market know what’s going to happen. They do it for short term gains, equity valuations, and bonuses and stock options for the c-suite. The inevitability is inconsequential in the overall scheme of things.

It’s their own fault. The Chinese don’t exactly keep a secret as to what their plans are.

 

[AnthonyJames]

Here's Hemi in her first EV.