General Motors said on Thursday that its sales in China leapt 37.9% to 267,395 vehicles in the first nine months of 2003, keeping pace with overall market growth, Reuters reported.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Revenue at Shanghai GM, the company’s main car-making venture in the country’s financial stronghold, should hit 33.2 billion yuan ($US4.0 billion), up 87.6% from 2002, executives told Reuters, though they declined to comment specifically on profits, saying instead that GM was broadly profitable in China.
Analysts told Reuters that GM is racing to increase capacity in the world’s fastest-growing major car market, in which sales in the first eight months of the year jumped 72% to 1.25 million units, though they fear that GM’s expansion together with that of its global rivals could lead to a glut in the market over the next few years.
