China still General Motors’ biggest market

CHICAGO, Feb 7, 2019, Xinhua. General Motors (GM) sold 3.65 million vehicles last year in China, which retained the title of the biggest market for the leading U.S. auto maker, reported the Xinhua.

GM released its 2018 year-end report on Wednesday, saying that in the midst of a softening auto market in China, it delivered 3,645,044 vehicles there, down 9.8 percent year on year.

Still, it sold more units in China in 2018 than its home market, where GM delivered nearly 3 million vehicles.

Cadillac deliveries in China surpassed 200,000 units, rising 17.2 percent for the year, while the brand’s global sales increased 7.2 percent.

Through Dec. 31, 2018, the company sold 8.4 million vehicles globally, 12.7 less than the previous year.

GM reported a net revenue of 147 billion dollars in 2018, with a net profit at 8.1 billion, 2.35 percent more than the previous year.

The auto maker contributed the results to strong pricing and surging crossover sales.

Meanwhile, GM Financial generated 2018 full-year earnings before tax of 1.9 billion dollars, up 58.3 percent compared with 2017.

“We navigated significant headwinds in 2018 to deliver another year of strong results, demonstrating the earnings resiliency of this company,” said GM’s Chief Financial Officer Dhivya Suryadevara.