General Motors in China – down but definitely not out
CGTN
["china"]
General Motors (GM) released its 2018 year-end report on Wednesday, saying that in the midst of a softening auto market in China, it delivered 3,645,044 vehicles there, down 9.8 percent year on-year.
Still, it sold more units in China in 2018 than its home market, where GM delivered nearly three million vehicles.
Cadillac deliveries in China surpassed 200,000 units, rising 17.2 percent for the year, while the brand's global sales increased 7.2 percent.
Through December 31, 2018, the company sold 8.4 million vehicles globally, 12.7 percent less than the previous year.
GM reported net revenue of 147 billion U.S. dollars in 2018, with a net profit at 8.1 billion, 2.35 percent more than the previous year.
The automaker contributed the results to strong pricing and surging crossover sales.
Meanwhile, GM Financial generated 2018 full-year earnings before tax of 1.9 billion dollars, up 58.3 percent compared with 2017.
"We navigated significant headwinds in 2018 to deliver another year of strong results, demonstrating the earnings resiliency of this company," said GM's Chief Financial Officer Dhivya Suryadevara.
Source(s): Xinhua News Agency