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GM sees slow sales growth in mainland

By Li Fangfang (China Daily)
Updated: 2009-01-07 11:54

Related readings:  GM China sales growth slows to 6% in '08  GM gets $4 billion rescue loan  GM denies holding new merger talks with Chrysler  Car sales continue to fall in Nov

General Motors Corp (GM) said yesterday its 2008 sales in China, the company's largest market outside the US, grew 6 percent from 2007, the slowest rate in six years.

GM and its Chinese joint ventures sold a combined 1.094 million cars in China in 2008, passing the million mark for two consecutive years. But the slowdown in sales growth, compared with the 19 percent increase in 2007, reflected the impact of the economic downturn and the lack of competitive new models.

The company, however, remains upbeat about the Chinese market in 2009 and beyond.

"While we expect vehicle sales in China to remain steady in 2009, we anticipate China remaining the world's fastest-growing major market over the next decade," said Kevin Wale, president and managing director of the GM China Group. "GM will stay aggressive to ensure we continue to be a leader in this key market," he said.

Shanghai GM, the US company's 50-50 venture with China's largest automaker SAIC Motor, sold 445,709 vehicles in 2008, down 7 percent from 2007.

The unit has lost its crown of sales champion in the China market in the past three years to FAW Volkswagen, which sold 467,343 units in the first 11 months of 2008.

"It's not a surprise that (Shanghai) GM's sales dropped last year, because most of its models were nearing the end of their lifecycle of five to six years," said Yale Zhang, director of Greater China Vehicle Forecasts at US consultant firm CSM Worldwide Corp.

Shanghai GM has begun to introduce several new models, and "it should be able to recover some lost ground," Zhang said.

Shanghai GM has said the entire line of models will be replaced in the next few years, starting with the recently released Buick New Regal and Buick Enclave, and the soon-to-come Chevrolet Cruze.

"Over the next two to three years, we will roll out five or more new products under both of our volume brands, Buick and Chevrolet," said Wale. "Our four other brands (Cadillac, Opel, Saab and Wuling) will also bring out new and upgraded models to meet the rapidly changing needs of vehicle buyers nationwide."

Sales of mini-commercial vehicles by SAIC-GM-Wuling joint venture rose 17.9 percent in 2008 to 647,296 units, keeping the unit at the top of this market segment for the third consecutive year.