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GM Sales Drop 10% in Slumping China Market

By Mo Yelin / Jan 08, 2019 06:29 PM / Business & Tech

Photo: VCG

Photo: VCG

General Motors sold around 3.64 million vehicles in China in 2018, a drop of nearly 10%.

This was due to a broader “softening vehicle market” in the country, the automaker said in a statement on Monday.

China is the world’s — and GM’s — largest car market. But sales in China are set to decline for the first time in 28 years, and the American firm is feeling the downturn.

To cushion the impact, GM said it plans to introduce a record number of new and revamped car models to China in 2019.

On Monday, Matt Tsien, GM executive vice president and president of GM China, sought to spin brighter prospects on the situation.

“China’s vehicle market has entered a new era of high-quality development, in which product and service excellence will be the key to sustained growth,” he said.

Related: China Car Sales Set for First Drop in Three Decades, Industry Exec Says

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