Government Motors Sales in China; How Yea Like Me Now?

[ChasC5]

GM Expects Sales in China to Rise 15% Next Year as Vehicle Demand Gains
GM Expects Sales in China to Rise 15% Next Year as Vehicle Demand Gains - Bloomberg


Hold that Turkey this Thankgiving; there’s plenty of Crow left on the plate.



General Motors Co., the biggest U.S. automaker, expects its sales in China to rise by as much as 15 percent next year as demand for vehicles gains in the world’s fastest-growing major economy.

“The underlying strength of the Chinese vehicle market is very strong,” Kevin Wale, GM’s China president, said in a telephone interview from Shanghai today. “Our target each year is to grow in line with the market.”

GM, which sold a $500 million stake to Chinese partner SAIC Motor Corp. as it returned to public trading yesterday, outsells all overseas rivals in the world’s largest auto market. Demand will continue to grow in 2011 even as China plans to end subsidies and other incentives that boosted sales, Wale said.
The Detroit-based automaker expects to sell as many as 2.3 million vehicles on the mainland this year, he said. Whether next year’s overall market growth is closer to 10 percent or 15 percent will depend on how much the government scales back assistance, he said.

“If the incentives completely disappear, it’s more likely to be in the lower end of that range,” Wale said.
GM closed 3.6 percent higher at $34.19 yesterday in New York after raising more than $20 billion in an initial public offering. SAIC rose 1.2 percent to close at 18.21 yuan in Shanghai today.
Biggest Market
Sales at the U.S. automaker next year will likely benefit as consumers in the smaller Chinese cities get wealthier and make their first purchases, said Steve Man, a Hong Kong-based analyst at Samsung Securities (Asia) Ltd.
China is GM’s biggest market by unit sales and its alliance with Shanghai-based SAIC has a market-leading 13 percent share.

The nation halved a small-car sales tax to 5 percent last year to spur demand, helping the country overtake the U.S. as the world’s biggest vehicle market. The tax was raised to 7.5 percent this year.
China’s car sales in October rose at the fastest pace in six months. Citigroup Inc. analysts Gerwin Ho and Ross Wei raised their forecast for China’s 2010 car sales growth to 25 percent from 20 percent in a report last month.
SAIC bought a 0.97 percent stake in GM “on the basis of a good strategic partnership between the two” and its “confidence in GM’s development prospects,” the Shanghai-based carmaker said in an e-mailed statement yesterday.

Wale declined to comment if SAIC will increase its stake. “This is a natural extension of what we’ve been doing for a long period of time,” he said.
GM said this month it will raise its stake in SAIC-GM- Wuling Automotive Co., one of the two SAIC-GM partnerships in China, to 44 percent from 34 percent. The venture builds the Sunshine minivan, China’s best-selling vehicle.

SAIC-GM-Wuling aims to take a “leadership position” in the low-cost sedan market by introducing its new brand called Baojun, Wale said. The brand will compete with local carmakers BYD Co. and Geely Automobile Holdings Ltd.
GM also owns 49 percent of passenger-car maker Shanghai GM Motor Co. SAIC holds majority stakes in both the ventures.






It’s beginning to look like saving 1.4 Million Auto Related Jobs wasn’t such a bad idea … especially if you where one of the 1.4 Million Workers and Suppliers in the Automotive industry. Can anyone tell me where I can find all the Bailout Experts on General Motors?

[Exotix]

[right-wing Congressional wackos on] ... impeach Obama ... [/right-wing Congressional wackos off]

[ChasC5]

Originally Posted by Exotix

[right-wing Congressional wackos on] ... impeach Obama ... [/right-wing Congressional wackos off]

Exactly … the Right-Wing Waco’s want us to believe they actually care about American Jobs; yet if you leave it up to them they would have gladly put 1.4 Million Americans in the Soup Line or outsourced the entire Auto Industry, and then would have told then to go screw themselves if they asked for Unemployment. These people have proven time and time again, that the only Americans they give a flying crap about are only the American’s they deem worthy … period. It isn’t one America for all American’s. But they don’t understand the change they are trying to delay, avoid or out–right kill … is unavoidable! They’ll never get back the America they want, because the America they are seeking to restore is gone forever.

[Exotix]

Originally Posted by ChasC5

Exactly … the Right-Wing Waco’s want us to believe they actually care about American Jobs; yet if you leave it up to them they would have gladly put 1.4 Million Americans in the Soup Line or outsourced the entire Auto Industry, and then would have told then to go screw themselves if they asked for Unemployment. These people have proven time and time again, that the only Americans they give a flying crap about are only the American’s they deem worthy … period. It isn’t one America for all American’s. But they don’t understand the change they are trying to delay, avoid or out–right kill … is unavoidable! They’ll never get back the America they want, because the America they are seeking to restore is gone forever.

... goes to the damndest thing the exotix ever saw ... (R) Pence was just on and he still refers to Obama and his admin as the *liberal socialist agenda* ... then decided to take the next couple of months off and screw you lazy unemployed Americans who need unemployment benefits despite GM's manager (who's a republican) that he too has never seen anything like this and referred to it as abominable cruelty especially considering those 16% increase in congressional (R)'s who have become millionaires since the start of this great depression ...

... but hey, Palin says she can beat Obama in 2012 ...


Sad.

[Peter Pan]

GM was doing great in China before the BR, it will continue in China as America and the majority of the Western World is hooked on cheap China goods.

Glad GM is doing good as one maybe the taxpayer will be paid in full and the Govt does not sell anymore shares at a loss like happened when trading started, a loss of my tax $$ here.

[ChasC5]

Originally Posted by Peter Pan

GM was doing great in China before the BR, it will continue in China as America and the majority of the Western World is hooked on cheap China goods.

Glad GM is doing good as one maybe the taxpayer will be paid in full and the Govt does not sell anymore shares at a loss like happened when trading started, a loss of my tax $$ here.

Glad to see you agree that saving GM was a smart idea.