GM tops VW in June sales

General Motors outsold Volkswagen for the first time in June, making it China's top monthly seller. GM sold over 24,000 of its Buick and Excelle models while Volkswagen sold under 21,000 cars, the China Association of Automobile Manufacturers reported. Both companies have several China joint ventures, but VW maintains a strong lead with about 30% nationwide market share as against GM's 10%. Carmakers have been slashing prices to win share, GM cutting its prices in May by 8%, VW by 12%. Industry-wide sales were US$23.09 billion over the January-May period, growing 19% as compared with 20% growth in the first four months, according to the Assets Supervision and Administration Commission. January through May profit increased only 1% year on year, to US$1.8 billion, the commission said.