General Motors, the world's largest automaker, announced record sales in China in 2004, shifting 492,014 vehicles, up 27.2% on sales in 2003. The company said new models and price cuts had helped attract buyers and market share away from its number one rival, Volkswagen. GM said its share of the Chinese market had risen from 8.5% in 2003 to 9.3% by the end of 2004. Volkswagen, the largest foreign carmaker in China, announced earlier that its sales had fallen by up to 10% to 655,118, although the company did not give a figure for its claimed market share. GM said it planned to launch 10 all-new or upgraded vehicles this year into the China market.
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