General Motors (GM) is on course to sell more than 1 million vehicles for the first time ever in 2007, AFP reported. The company's chief financial officer, Fritz Henderson, told a gathering of analysts that demand for new vehicles in China is up 21%, putting full-year sales in the region of 8.4 million units. This represents a fourfold increase on the 2 million autos sold in 2001. Although GM expects to pass the 1 million mark for sales, it is actually losing market share in China, Henderson added. Earnings from the company's Chinese joint ventures – which include partnerships with Shanghai Automotive and Wuling Automotive – are set to hit US$230 million, up from US$157 million in 2006. With US sales falling 18.5% in July, GM is increasingly looking towards emerging markets such as China, India, Russia and South Africa for growth opportunities.
Categories