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GM, Eclipsed at Home, Soars to Top in China

Submitted by Michael Nystrom on Wed, 07/21/2010 - 21:58
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SHANGHAI (New York Times) — A decade ago, this city had five car dealerships selling Buicks, the top-selling General Motors brand in China. Today it has 27.
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Ten years ago, Shanghai had five car dealerships selling Buicks, the top-selling General Motors brand in China. Today it has 27.

And the crowds of shoppers that fill many of them are young, ready to pay cash and not inclined to haggle over the sticker price.

As G.M. prepares a public stock offering later this year, China is emerging as a crucial piece of its appeal to potential investors — and a surprising down payment of sorts for American taxpayers, who would begin shrinking their 61 percent equity stake in the company.

In the first half of this year, G.M.’s China sales rose 48.5 percent over the same period last year, and for the first time ever, the automaker sold more vehicles in China than in the United States. Just 13 years after entering China, G.M. now says the country accounts for a quarter of its global sales — blistering growth that even G.M. did not expect this soon.

Continue at New York Times

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Submitted by legalizeliberty on Thu, 07/22/2010 - 08:05.

Thanks for posting Michael.

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"How can we justify to the unemployed and underemployed in the United States the incredible cost of maintaining a global empire?" - Dr. Ron Paul

Throw some gas on that fire

Submitted by paulwwww on Thu, 07/22/2010 - 07:06.

Apple is just one of thousands of companies that now use Chinese facilities to manufacture its products, the report observes. Low wages, long hours and China's industrial secrecy make the country attractive to business, particularly as increased competition and consumer expectations force companies to deliver products at attractive prices.

http://www.macworld.co.uk/news/index.cfm?newsid=14915

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PW

Wow yea where was this info during bailouts

Submitted by paulwwww on Thu, 07/22/2010 - 06:55.

Also wonder what they are paying the Chinese worker, they failed to publish that piece of the story. And a $5.000.00 mini van, heck you can't buy a decent used car for that in the states...frustrating.

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PW

Our bailout dollars at work...

Submitted by SteveMT on Thu, 07/22/2010 - 00:54.

not for us of course.

We bailout GM, so it can go offshore. Capitalism only work in a capitalist society, which we are no longer.

Wha the hell?

Submitted by lynnopoly on Wed, 07/21/2010 - 22:20.

Bwaahahaaa. Now that's funny. Sheeple, sheeple everywhere..

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Mathew 5:9 Blessed are the peacemakers: for they shall be called the children of God.