(MENAFN- Baystreet) Rising Cancer Rates Drive Biotech Advancements Despite Political Hurdles
Smart Agriculture Poised for Growth, Set to Hit $36.24 Billion by 2030
Dick's, NIKE to Host“It's Her Shot” Tour
Oracle Named Industry Leader, Shares Fall
Virios Reveals Figures, Corporate Update Previous Articles Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, May 9, 2024
GM Can Regain Market Share in China, Says Chief
General Motors (NYSE:GM) shares were flat first thing Thursday, after the company president said he believes it can regain market share in China after hitting a roughly 20-year low last year amid changing market conditions and increased domestic competition.
Mark Reuss said new all-electric and plug-in hybrid electric vehicles, as well as the re-design of its Buick brand, will help the automaker turn around operations in the region.
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, according to regulatory filings.
Reuss also touted the competitiveness of GM's Chinese joint venture partners such as Wuling Motors. GM first established operations in China in 1997.
GM's market share declines in China are the result of growing competition from government-backed domestic automakers fueled by nationalism and a generational shift in consumer perceptions of the automotive industry and electric vehicles. The company, along with other American-based automakers, is managing geopolitical tensions between China and the U.S.
GM's U.S.-based brands such as Buick and Chevrolet have seen Chinese sales drop more than those of its joint venture. The joint venture models accounted for about 60% of GM's 2.1 million vehicles sold last year in China.
GM shares dipped two cents to $45.03.
About Us Contact Us Advertise License Our Content Jobs Disclaimer Privacy Policy
Copyright 1998 - 2024 Baystreet Media Corp. All rights reserved. Nasdaq Stocks: Information delayed 15 minutes. Non-Nasdaq Stocks: Information delayed 20 minutes. Bid and Ask quotation information for NYSE and AMEX securities is only available on a real time basis. Market Data is provided by QuoteMedia. Earnings by Zacks. Analyst Ratings by Zacks
MENAFN09052024000212011056ID1108195495
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.