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]
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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]
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."
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