Here’s Why General Motors Is Increasing China’s Wealth
This story from Wall Street Cheat Sheet
Time to toss out another old saying that once referenced America, as yet another milestone is passed. For the first time ever, General Motors (NYSE:GM) is selling more cars in China (NYSE:FXI) than the U.S.
Via AP:
- General Motors Co. sold more cars and trucks in China last year than it did in the U.S., for the first time in the company’s 102-year history.
- GM’s global sales figure for 2010 was a dramatic 12 percent increase from 2009, a year in which it closed factories and was forced to take aid from the U.S. government to survive.
- Its sales in the U.S., including heavy-duty vehicles, rose 6.3 percent. But it did even better in China, selling 2.35 million vehicles there, up 29 percent as an expanding middle class gained wealth, making it the world’s largest car market.
- The showing in China was about 136,000 more than what GM sold in the U.S.
- GM said it achieved double-digit jumps in five of its top 10 markets last year, including China. GM marked a 12.4 percent sales rise in Russia and a 10.4 percent rise in Brazil.
Disclosure: No position
This is a guest post written by Trader Mark who runs the blog Fund My Mutual Fund.
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