GM China sales to top one million

GM is expecting to sell more than a million cars in China for the first time this year on the back of strong demand for new cars in the country. Combined vehicle sales are up by 21% on last year’s figure, and should top out at 8.4 million by the end of the year. Despite the positive result, GM exec Fritz Henderson has told AFP reporters that its market share is actually on the decline.

The situation is a repeat of what’s occurring back home for GM. Yesterday, it had to lower its US sales forecast for the year and admits reaching its earlier target of three million vehicle sales will be ‘challenging.’

China is now GM’s second most important market after the US, with profits from that country alone expected to add $230 million to the carmaker’s coffers. Asia is promising even more growth opportunities for the General. According to Henderson, there’s still significant growth expected from Korea and there are new operations expanding into countries such as Taiwan, Malaysia, Thailand and India as you read this.

It’s quite feasible that within 10 years time GM will sell more cars and make more profits from Asia than the U.S.