GM: H1 sales hit historical high in China

Discussion in 'Stocks' started by ASusilovic, Jul 2, 2009.

  1. BEIJING, July 1 (Xinhua) -- The U.S. automaker General Motors Corp. said here Wednesday that its auto sales in China in the first half of 2009 rose 38 percent from the same period last year to a record high of 841,442 units, spurred by the government stimulus package.

    "Thanks to government stimulus measures on the auto industry and the rising demand in subordinate cities and rural areas, China's auto market had seen a strong growth and GM's products had been very popular," said Kevin Wale, president and managing director of GM China Group.

    The company, which filed for bankruptcy protection earlier this month, saw sales surging by 75 percent year-on-year to 156,000 vehicles in May in China's market.

    Its minivan joint venture Shanghai General Motors Wuling (SGMW) sold 100,258 units last month, while another venture, Shanghai GM's sales rose to 60,365 units in June, an all-time monthly record.

    China had become the world's largest auto market, as both output and sales of China's domestically made automobiles in May exceeded 1.10 million units, according to the China Association of Automobile Manufacturers (CAAM).

    A total of 10.2 million vehicles are expected to be sold in China this year, up 8.7 percent year on year.

    The country unveiled a support package for the auto industry early this year, cutting purchase taxes for cars with small engine capacities and providing subsidies to rural purchasers.

    Too bad, domestic market is not making such headlines...
  2. The Chineese gov. is filtering for porn and the US gov. for financial news.
  3. Because the chinese are flush with cash. Americans were idiots who sent their jobs to overseas and then decided to take on record debt borrowing from china to buy goods from them.

    In the US kids want to emulate dumb ass rappers, and fuck around school. In china education is taken seriously.
  4. ammo


    i dont think the chinese are too fond of japan , that should help non japanese autos
  5. In China some kids have the opportunity to go to school. In the US, not so, unless you are very wealthy (or you get a scholarship). But you are right, this is an issue.
    And just so you know for fun, there are also Chineese wanabe gansta rapa.
  6. Bob111


    the only H1 from GM i know is this one->

    no single word about it in article..consume probably yearly chinese worker salary in one fill up.