Tuesday, March 2, 2021

Tag: 2nd Year. GM Sales Plunge. Ford Sales Collapse. But Luxury is Hot

China’s Consumers Slam Automakers, Sales Drop Hard, 2nd Year. GM Sales Plunge. Ford Sales Collapse. But Luxury is Hot

by Wolf Richter, Wolf Street:

“Challenging environment with weakened consumer demand”: This nosedive in a vast industry, affecting consumers and manufacturing, is happening even as GDP officially booms at 6%?

China’s market for new passenger vehicles, the largest in the world, turned into a mess in 2018, the first annual decline in the data going back about three decades, and then got messier. In December, passenger vehicle sales declined for the 18th month on a year-over-year basis, amid production cuts, layoffs, and plant closings. Particularly hard-hit were US automakers General Motors – second largest foreign brand in China – and Ford, which is just falling apart in China.