GM posts sharp decline in quarterly sales in China
The automaker sales declined 35.5% in China from a year earlier
• The automaker sales declined 35.5% in China from a year earlier
General Motors Co (NYSE: GM) on Wednesday reported a sharp decline in the quarterly sales in China due to surge in the Covid-19 cases in the country.
The automaker sales declined 35.5% in China from a year earlier, selling 484,200 vehicles from April through June. This is the lowest sales of the automaker since the first quarter of 2020.
Shares of GM fell more than 4% during intraday trading.
With an uptick in Covid-19 cases, China had imposed lockdowns in many cities affecting businesses in the country.
“GM’s brands stayed resilient and focused on resuming production and operations. Sales across brands began recovering in May,” the company said.
Picture Credits: Getty Images
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