General Motors’ China sales in January rose 22% year-on-year to a record 268,071 units. GM sales in China expanded 28.8% in 2010, and growth continued in January despite concerns that the discontinuation of government incentives for vehicle purchases at the end of last year would adversely affect demand.
Overall auto sales in China rose 32% to 18.1 million units in 2010, but the China Association of Automobile Manufacturers predicts sales will slow by 10-15% this year. GM said its share of the China auto market also increased to 15% at the end of last month and that China is now its largest single market.
Shanghai General Motors, a joint venture between GM and SAIC Motor sold 131,944 units in January, up 46% from last year. Other joint ventures posted smaller gains. GM said it will introduce the Chevrolet Volt hybrid electric car in China this year and launch a new Baojun passenger car line.
Via: ChinaEconomicReview
