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GM China sales hit record high in 2010

by Staff Writers
Beijing (AFP) Jan 4, 2011
US auto giant General Motors said Tuesday that its sales in China, the world's largest car market, increased 28.8 percent year-on-year in 2010 to a new annual record of 2.35 million vehicles.

Its manufacturing joint ventures and major brands all set new annual sales marks, the company said in a statement.

"GM kept pace with the needs of our customers by introducing 11 new and upgraded models that are leaders in their segments in design, technology and fuel economy," Kevin Wale, president of GM China Group, said in the statement.

"At the same time, we continued to expand our local presence to position GM for long-term growth in China."

China has become increasingly important to GM due to strong domestic demand -- in November, the company became the first international carmaker to sell two million vehicles in a year in the country.

The Asian nation -- now the base of GM's international operations -- overtook the United States in 2009 to become the world's biggest auto market.

The largest US automaker was left reeling by an industry slump when the global economic crisis hit. It received 49.5 billion dollars from the US Treasury and emerged from a bankruptcy restructuring in July 2009.

The company successfully returned to public trading in November by raising 23.1 billion dollars in an initial stock offering -- the largest in history.

GM has established a few joint ventures in China, including Shanghai General Motors, a partnership with SAIC Motor Corporation Ltd., and runs several brands such as Buick and Chevrolet, according to its website.



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CAR TECH
Beijing traffic rules turn car showrooms into ghost towns
Beijing (AFP) Jan 2, 2011
For the past year, car showrooms in Beijing have been heaving with people keen to buy their slice of the country's new middle-class dream. But now they are deserted. Last month, Beijing said it would slash the number of new registrations for 2011 to ease chronic gridlock and thick pollution in the capital - good news for frustrated drivers but terrible news for car dealers and would-be buye ... read more







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