GM China sales fell despite industry recovery
The company delivered 713,600 vehicles in the country in the second quarter
Stocks impacted: General Motors Co (GM)
General Motors Co's vehicle sales in China declined 5.3% in the second quarter after reporting a drop of 43% in sales in the first quarter due to the pandemic. The company delivered 713,600 vehicles in the country in the second quarter. Meanwhile, according to the China Association of Automobile Manufacturers, China's overall figure, which includes passenger and commercial vehicles, rose 4.4% in April and 14.5% in May. The company’s overall sales dropped 34% in the second quarter of the year. GM's sales declined from 746,659 to 492,489 for the period compared with the same three months in 2019. At the same time, the firm highlighted rebounding demand and noted that retail sales in April were down the most in the quarter, off by about (35%) compared to last year, but recovered significantly in May and June with year-over-year declines of around (20%) or less. GM stocks finished 1.20% higher overnight. Today, US stock markets are closed in observance of Independence Day.
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