General Motors was once a leader in the Chinese automotive market, accumulating huge profits since 1996, but has seen a sharp decline in sales, falling by 42.5% this year.
G.M.'s failure reflects broader challenges faced by foreign automakers in China, where government policies shifted focus from fuel-efficient gasoline vehicles to domestically-powered electric cars.
What set G.M. apart initially was its ability to cater to the local market, producing minivans for state-owned enterprises and affordable vans for rural farmers.
After a sustained period of growth, G.M.'s dramatic decline underscores the volatility in the automotive sector, particularly as China's market has begun to prioritize domestic companies.
Collection
[
|
...
]