For the first time since 2009, General Motors sold fewer cars in China than in the United States, despite launching new electric vehicles there.
GM has struggled with sales in China in recent years, and this year was no exception, as the automaker said earlier this year that some consumers were choosing domestic brands.
GM reported that it and its joint ventures delivered 2.1 million vehicles in China for all of last year, down about 9% from 2022 sales. Last week, GM reported that U.S. sales rose 14% to 2.6 million vehicles. The company remains the number one car manufacturer in domestic sales.
Electric vehicle sales in China accounted for more than a quarter of GM’s annual sales last year, but were not enough to boost the company’s sales year over year, the company said.
GM’s joint venture partner Wuling reported its strongest performance, selling 1.2 million units, down 2% from 2022. GM’s best-selling vehicle at the company is the Wuling Hongguang Mini EV. Baogun was the hardest hit, with sales dropping 33% to 33,000 units.
Buick, historically a popular brand in China, reported a 20% decline in annual sales to 518,000 vehicles. GM reported that Chevrolet sales fell 15% to 169,000 units, while Cadillac sales fell 5% to 184,000 units.
Earlier this year, the Detroit Free Press took a closer look at the various EVs GM sells in China compared to the ones it sells in the United States. At the time, GM leaders offered several reasons for weak sales in China, citing lackluster numbers as buyers increasingly opted for more attractive and well-priced cars from domestic automakers. He blamed some of it on politics.
During GM’s April 25 earnings call, GM Chief Financial Officer Paul Jacobson told Wall Street that “the industry continues to be affected by coronavirus-related impacts, both EV and (internal combustion engine) vehicles. “China faces challenges as it navigates regulatory changes and more competitive pricing than expected.” . ”
China became GM’s largest market in 2010, with sales peaking at 4 million vehicles in 2017, according to Automotive News. But in recent years, GM’s sales in China have steadily declined. For example, in the first half of 2022, the Detroit Free Press reported on how coronavirus-related restrictions in China were impacting new car sales in China. GM reported 2.3 million cars sold there in 2022.
As consumers returned to the market this year, competition among all automakers in China was so intense that only one-third of automakers met their annual sales targets, Bloomberg reported.
China is the world’s largest automobile market.
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Contact Jamie L. Lareau: jlareau@freepress.com. Follow her on Twitter @jalaroan. Read more about General Motors and sign up for our automotive newsletter. Become a subscriber.