USA: General Motors triples China earnings in 2003
General Motors' earnings from China, where the carmaker has rapidly ramped up production, more than tripled last year to $US437 million, GM reportedly said in a recent securities filing.
According to Reuters, the filing released late last weeks said GM also lost $74 million last year on its 44.6% stake in South Korean carmaker GM Daewoo, which implies that GM Daewoo lost about $166 million last year.
The news agency noted that GM had had not previously disclosed its earnings from China, the world's fastest-growing market for new cars and trucks, or its losses from GM Daewoo.
Reuters said GM's earnings from China, which grew from $142 million in 2002, accounted for the bulk of its earnings from the Asia Pacific region, which totaled $577 million last year.
In January, GM reportedly said that it expected earnings from the Asia Pacific region to grow this year to $700 million to $800 million and also said it expected that higher sales volume and stronger market share in China this year would be countered by downward pressures on pricing, higher structural costs as it expands and a shift to sales of more low-margin small cars.