The bankruptcy of the 100-year-brand GM has caused many people to worry, but with the formal establishment of the new General Motors after bankruptcy and restructuring on the 10th, GM China and its business in China as an important part are all incorporated into the new company. The newly established General Motors Corporation attaches great importance to the Chinese market and set up the headquarters of the International Operations Department in Shanghai, China as the only international business development department outside the headquarters of Detroit.
Despite experiencing bankruptcy protection, GM China's sales have maintained a good upward trend. In the first half of the year, sales in China increased by 38%, with a total of 814,441 sales. In June, GM China and its two joint ventures in China sold a total of 143,294 vehicles, an increase of 61.62% year-on-year. At present, General Motors has established eight joint ventures in China with more than 25,000 employees. Although GM is gradually shutting down factories and laying off staff in the United States, China's business will not be "shrinking." General Motors stated that there will be no layoffs in China.
New GM was born
According to the person in charge of the General Public Relations Department of China, in the next five years, the new GM will launch 30 new models under the four brands of low-end Chevrolet, mid-to-high-end Buick, luxury brand Cadillac, and SAIC-GM-Wuling specializing in the production of miniature commercial vehicles. Due to the policy incentives, the current development of China's auto industry is conducive to the development of GM's upcoming mini-commercial vehicle market.
Moreover, according to experts' predictions, after implementing the “new-for-new†policy on automobiles, this year it is expected to drive sales of 300,000 commercial vehicles. Given that the scope of this subsidy has been fully expanded to medium-, light-, micro-sized trucks and some medium-sized passenger vehicles, it will, to a certain extent, promote the weak commercial vehicle market. In particular, light trucks and medium-sized passenger vehicles will be the biggest beneficiaries; in accordance with the fine-tuned policies of the local government, consumption upgrades may extend to the mid-size sedan market.
Cars to the countryside launched a vast rural market, micro-car sales suddenly soared, and become the fastest-growing market this year. SAIC-GM-Wuling and Changan-Ansett mini-car makers have become the biggest beneficiaries. SAIC-GM-Wuling sold a total of 526,600 vehicles in the first half of the year, an increase of 49.9% year-on-year, of which Wuling's average monthly sales of nearly 50,000 vehicles. Changan Automobile has also become a big winner in the growth of the auto market. The sales volume of Changan Micro-vehicles in June exceeded 63,000 vehicles and reached a record high. In the first half of the year, it sold nearly 350,000 vehicles, which was comparable to last year and an increase of more than 60% year-on-year. Chang’an has already set the mini vehicle sales target from the beginning of this year to 500,000 units. It has been raised to 600,000 vehicles and may challenge 700,000 vehicles. Lu Tao, a sales manager of a 4S shop at SAIC-GM-Wuling Automotive in Xuefeng West Road, Yiwu, said that in July the company’s car sales almost doubled compared to the same period last year.
Although relevant parties in the country said that it is difficult to implement during the year, the expectations of auto manufacturers and consumers for the country’s policy of encouraging automobile consumption are evident. The automotive market in the second half and next year is still full of expectations.
In addition, a syndicate of nine financial institutions including SAIC-GM-Wuling, SAIC Finance and Construction Bank signed a strategic cooperation agreement in Liuzhou. According to the agreement, SAIC-GM-Wuling will be able to obtain a revolving loan of 3 billion yuan in circulating funds from syndicates in the next five years. These indicate that in the future, SAIC-GM-Wuling will be a big player in the commercial vehicle market.
The growth of the entire vehicle market will inevitably increase the demand for the automobile accessory market, which will inevitably bring more demand and opportunities to the commercial vehicle parts market. Manufacturers of parts and components for GM are no longer required to immerse themselves in the gloom of GM's bankruptcy. The new GM will bring them a broader market!
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