GM Takes Top Spot In China Market
DETROIT (WWJ) With its success in China, General Motors could soon overcome Toyota in worldwide sales for the first time since 2008. Last year, Toyota barely edged GM by 30,000 vehicles.
GM topped rival Toyota in sales in the fast growing market of China, selling 2.35 million vehicles, up 29 percent. Toyota sold just 846,000.
David Cole, with the Center for Automotive Research, says sales in China will continue to grow. "We expect to see over 20 million units sold in China in the next few years, it's very critical for companies like GM to have a strong foothold in this market."
WWJ's Jeff DeFran reports GM's gain in the fast growing market is tightening its race for overall sales with the Japanese automaker, which took a big hit last year because of safety recalls.
But in China, GM is number one.
"This is not a surprise, this is a track that we've been on for some time,the total market in China is greater than the US market, and I don't think we'll ever move from second place." Cole stated.
GM's global sales grew by a dramatic 12 percent last year, and it turned a $4.2 billion profit in the first nine months of the year. Financial results for the final three months of 2010 aren't in yet, but more profit is expected.
Cole says GM and its domestic rivals are all faring better.
"With the kind of growth that is occurring in other parts of the world, I think there is very good news for GM and Ford and as Chrysler becomes melded with Fiat I think the domestic three are going to be, once again, very significant factors all over the world."
