GM Reports Worst Sales in China Since Onset of Covid-19 Lockdows
In a release, GM said its brands in China are"focused on resuming production and operations." The company's China sales were released less than a week after GM warned investors that supply chain issuesearnings, while maintaining its previous guidance for 2022.
GM CFO Paul Jacobson last month described the situation in China during a Deutsche Bank investor conference as"obviously challenging," citing"some short-term issues that we've had to work through." GM's sales in China include those through joint ventures and its well-known Buck, Cadillac and Chevrolet brands, all of which experienced significant declines of between roughly 22% and 79%.
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