U.S. automakers like GM are rapidly losing ground in China, once an engine for growth
Publishing timestamp: 2024-05-06 09:55:55
Summary
GM lost $106 million in China during the first quarter, marking its third quarterly loss in at least 15 years. The company's fall in the country is attributed to geopolitical tensions, changing consumer sentiment, and increased domestic competition. Despite challenges, GM remains committed to the market and is focusing on new energy vehicles. Other automakers like Stellantis and Ford are also adjusting their strategies in China amid growing competition. Tesla's success in China has impacted traditional Western automakers, leading to a shift in the market dynamics.
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Keywords: mary barra, breaking news: technology, business, transportation, nio inc, general motors co, paul jacobson, ford motor co, business news, saic motor corp ltd, baidu inc, tesla inc, autos, elon musk, breaking news: business, stellantis nv, climate, wuling motors holdings ltd, china, technology,
Source: https://www.cnbc.com/2024/05/06/us-automakers-like-gm-rapidly-lose-ground-in-china.html