DETROIT — General Motors on Wednesday reported its worst quarterly sales in China since the start of the coronavirus pandemic, amid a resurgence of COVID-19 cases in the country and persistent disruptions to the global supply chain.
The Detroit-based automaker said it sold 484,200 cars between April and June in China, its largest market in the world. production.
GM shares fell more than 4% in intraday trading on Wednesday. The automaker’s shares fell about 47% in 2022.
In a statement, GM said its brands in China “aim to resume production and operations. “quarterly earnings, maintaining its previous orientation for 2022.
Last month, GM Chief Financial Officer Paul Jacobson described the situation in China at a Deutsche Bank investor convention as “obviously difficult,” and mentioned “some short-term upheavals that we had to resolve. “
GM’s sales in China come with those made through joint ventures and its renowned Buck, Cadillac and Chevrolet brands, all of which have seen significant drops of around 22% to 79%.
The daily number of covid cases in mainland China, adding those without symptoms, has risen from a handful of cases to about two or three hundred new cases in recent days. week to 11 on Monday, up from five the previous week, according to Ting Lu, Nomura’s lead China economist.
GM’s second-quarter sales in China hold for the automaker on Friday, reporting a 15. 4% drop in U. S. sales. Uu. U. in that period.
– CNBC’s Evelyn Cheng contributed to this report.
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