Is GM Slowing Down in China?
Despite a booming sales period in the United States, General Motors (NYSE:GM) faced a bigger challenge in its Chinese market, where sales for the month of February were down year over year. Issuing a statement on Tuesday morning, the company reported that it sold 215,070 units in China last month, a 10.6 percent year-over-year decline.
GM commented that sales figures for the month suffered because the week-long Lunar New Year holiday in China fell in February this year. Specifically, that means that the lower February numbers are not part of a larger downtrend. January and February sales combined topped at 525,835 vehicles, nearly eight percent more than the same period a year ago.
Overall, nearly every GM subsidiary in China experienced sales decreases for February, with the exception of Cadillac. Cadillac spiked 8.1 percent in the year over year, as China continues to embrace luxury vehicles. Sales of the Baojun brand, a low-cost joint-venture between GM and SAIC Motor, decreased 24.5 percent. This may be indicative of shifting tastes in the country, where luxury brands are attracting more and more attention…