While sales data recently confirmed that GM was the best-selling automaker in the United States last year, things aren’t looking too rosy for its sales in China. In fact, data reveals that the carmaker’s local sales have slumped by almost 50% since 2017.
Sales figures released by GM reveal that it sold 2.1 million vehicles in China last year. While that trails its U.S. sales that jumped to 2.57 million, what’s more significant is the fact that sales declined 8.7% throughout 2023. Demand for Buick models fell by 20% in 2023 to roughly 517,000 units while Chevrolet sales declined by 16% to 169,000 units.
Additionally, Cadillac sales in China declined by 5.7% to around 187,000 vehicles last year. Sales from GM’s joint venture partnership with GM and Liuzhou Wuling Automobile Industry Co. hit 1.2 million, approximately the same as 2022. While selling 2.1 million vehicles in any single market may seem impressive, GM’s sales in China peaked at 4 million units in 2017 and for more than a decade, China was its largest market.
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No doubt a contributor to GM’s declining Chinese sales is the fact that many local consumers are now buying vehicles from Chinese brands. Additionally, battery-electric vehicles and plug-in hybrids are selling in record numbers in the country and according to data from the China Automobile Dealers Association, accounted for 36% of all new vehicle sales in 2023. Electrified vehicles accounted for just over a quarter of GM’s sales in China last year.
A suite of new EVs could help GM regain steam in China. SAIC-GM plans to introduce eight new electrified products over the coming two years, including BEVs using GM’s Ultium platform and several plug-in hybrids. GM will also soon begin sales of the Chevrolet Tahoe and GMC Yukon Denali in a bid to cater to the growing number of outdoor enthusiasts in China.
