Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

General Motor s China sales fall for second month

SHANGHAI, June 7 – General Motors said Tuesday year-on-year sales fell for the second straight month in May, reflecting a slowdown in the world\’s largest auto market as authorities roll back stimulus measures.

The US giant\’s figures show sales fell 2.7 percent to 190,674 units from 196,004 in the same month last year and were down 6.2 percent from April.

April sales fell 4.6 percent year-on-year to 203,367.

China\’s auto market has become increasingly important to GM as demand weakens in the United States. China, where GM\’s international operations are now based, overtook America as the world\’s biggest auto market in 2009.

Despite the recent falls, the auto maker said in a statement that for the first five months of this year sales cruised past one million units, hitting a record 1.1 million.

Its sales in China last year increased 28.8 percent year-on-year to an annual record 2.35 million vehicles, outstripping its home market.

For the whole industry auto sales in China rose more than 32 percent in 2010 to 18.06 million units, according to the semi-official China Association of Automobile Manufacturers (CAAM).

But growth has slowed since the middle of last year as the government began withdrawing stimulus measures such as tax breaks for small engine vehicles aimed at cushioning the impact of the global economic downturn.

China\’s auto sales dipped 0.25 percent in April in their first on-year fall in more than two years, according to CAAM.

Advertisement. Scroll to continue reading.
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Headlines

NAIROBI, Kenya, Mar 16 – The World Bank has given the Kenyan government USD 60 Million (Sh6.1 billion) to help combat the deadly coronavirus pandemic...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Coronavirus

NAIROBI, Kenya, Mar 25 Kenyans who will fail to pay their dues by April 1 will not be listed in the Credit Reference Bureau...

Headlines

NAIROBI, Kenya, Mar 13 – Meet Kennedy Okaka, the CEO of PH Africa which manufacturers and distributes hand sanitizers. Okaka speaks to Capital Business...