GM looks to China for growth

• Source: xinhua
• [12:57 July 16 2009]
• Comments

With US auto sales down dramatically, China may achieve that ranking as early as this year, the report said.

The China Association of Automobile Manufacturers raised its annual sales forecast to 11 million this week from 10.2 million after a tax incentive plan boosted demand by 36.5 percent in June. For the first half of 2009, Chinese vehicle sales were up 17.7 percent at 6.1 million.

US sales are expected to range between 10 million and 11 million vehicles this year, although a cash-for-clunkers program going into force later this month may increase demand.

In the first half of 2009, GM's sales with its Chinese venture partners were up 38 percent at 814,442 vehicles, including Wuling-brand mini-vehicles.