Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



GM's sales drop in August highlights automaker divide in China
Amwal Al Ghad Published in Amwal Al Ghad on 07 - 09 - 2015

General Motors Co (GM.N) reported on Monday its biggest drop in China sales in five months for August as global automakers struggle with a deepening economic slowdown and slumping equities in the world's largest auto market.
Vehicle sales for GM and its joint venture partners fell 4.8 percent year-on-year in August, while Ford Motor Co (F.N) and Nissan Motor Co Ltd (7201.T) also reported contracting sales for the month, highlighting the divide between winners and losers in the Chinese market.
The figures contrast sharply with last week's major sales gains for Toyota Motor Corp (7203.T), Honda Motor Co Ltd (7267.T) and Mercedes maker Daimler AG DIAGn.DE in China, demonstrating the importance of having fresh, in-demand products to entice buyers.
China's economy is forecast to grow at its slowest pace in a quarter of a century this year. Mainland stock markets have tumbled roughly 40 percent since mid-June after a sharp run-up that began late last year.
Mercedes offers a fresher lineup than key luxury competitors in China, having revamped many of its models more recently than Audi AG (NSUG.DE) and BMW AG (BMWG.DE) and helping to lift its deliveries last month by 53.1 percent.
And in the past year, Honda and Toyota have released hot-selling sports utility vehicles (SUVs), a segment that IHS Automotive predicts will grow by more than 20 percent this year in defiance of the auto market's slowdown.
Automakers like GM are now trying to play catch-up.The U.S. automaker launched a new SUV in July under its Baojun budget brand, but the marquee's nearly three-fold sales growth year-to-date hasn't been enough to lift the company's relatively flat 2015 sales.
The sales numbers of GM, Ford and Nissan bode poorly for overall market sales in August. Industry sales for the January to July period were up only 0.4 percent on a year-on-year basis, according to the China Association of Automobile Manufacturers (CAAM). CAAM is set to release August data on Thursday.
In July, CAAM slashed its sales growth forecast for 2015 by more than half to 3 percent, saying the stock market crash depressed consumer sentiment.
Volkswagen AG (VOWG_p.DE) is the top-selling passenger car maker in China with roughly 18 percent market share in 2014, followed by GM and Hyundai Motor Co (005380.KS).
source: Reuters

Clic here to read the story from its source.