General Motors reported it sales in China dropped by 9.3% during February, reversing the sales gain the automaker reported during January and feeding the anxiety felt around the world about the outlook for the Chinese economy in general.
GM blamed the decline on seasonal factors, notably the early start to the Chinese New Year holiday, which shuts down commerce throughout China. But with concerns about the path of the Chinese economy rattling markets around the world, the decline in February is bound to feed the anxiety over future auto sales in China, which is now the world’s largest market.
GM executives have predicted that new vehicle sales in China, where the automaker ranks just behind Volkswagen in total sales, would grow modestly 2016. (more…)