G.M. Led in China for Years. Here’s How It Ended Up 16th in Sales.

Published On Dec 19, 2024, 12:00 AM

General Motors has seen a dramatic decline in its sales in China, dropping by 42.5% in the first eleven months of 2024. This collapse has resulted in the company being pushed down to the 16th position in sales within the Chinese market. The downturn forced GM to take a $5 billion charge against profits, marking a stark contrast to its previous success in China where it had a strong foothold for over twenty years. The challenges stem from a combination of GM's strategic missteps and Chinese governmental policies that favor local manufacturers, particularly in the electric vehicle segment. This has created a highly competitive environment in which foreign brands are struggling to maintain their market share.