GM Spurts First China Quarterly Sales Growth In Two Years, With Mini Van Leading EV Sales
General Motors Company (NYSE: GM) quarterly sales in China grew for the first time after two years, Reuters reported Tuesday.
What Happened: The Detroit-based automaker’s Chinese sales rose 12% in the quarter ended September compared with a similar period a year earlier.
GM reportedly delivered 771,400 vehicles in the third quarter. In the second quarter, deliveries had shrunk by 5%.
The automaker’s Wuling Hong Guang MINI EV, a two-door vehicle, which sells for $4,200 was China’s best-selling EV in August, as per Reuters.
Why It Matters: GM is the second-largest foreign automaker in China in terms of units, ranking behind Volkswagen AG (OTC: VWAGY).
The Mary Barra-led company is looking to electric vehicles to account for over 40% of its new vehicle launches in China in the coming five years as China pushes a move towards greener vehicles, noted Reuters.
Chinese domestic and foreign EV manufacturers have reported strong numbers. Xpeng Inc (NASDAQ: XPEV) sales grew 266% in Q3 to 8,578 EV units.
Nio Inc (NYSE: NIO) delivered 12,206 units, which is 18.5% more vehicles quarter-over-quarter, while Li Auto Inc (NASDAQ: LI) deliveries shot up 31.13% to 8,660 in the third quarter.
EV frontrunner, Tesla Inc (NASDAQ: TSLA) sold 139,300 globally, which is a 53.67% growth in deliveries quarter-on-quarter in the same period but the company does not provide a geographic breakdown.
Price Action: GM shares closed almost 0.2% lower at $32.16 on Friday.
Photo courtesy: Richard via Flickr
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