Despite losses in the first quarter of 2024, General Motors (GM) CEO Mary Barra says the Detroit-based automaker is “committed to China” with plans to go all-in with Electric Vehicles (EVs).
In the first quarter of the year, GM saw losses of $106 million in China, CNBC reports. It is a blow to GM, which from 2010 through 2023 counted the Chinese market as its biggest seller.
CNBC also notes GM’s declining market share in China:
GM’s market share in China, including its joint ventures, has plummeted from roughly 15% as recently as 2015 to 8.6% last year — the first time it has dropped below 9% since 2003. GM’s earnings from the operations have also fallen, down 78.5% since peaking in 2014,
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