General Motors ( GM ) CEO Mary Barra claims the Detroit-based automaker is” committed to China” with plans to start selling electric vehicles ( EVs ) at all costs despite losses in the first quarter of 2024.
In the first quarter of the year, GM saw losses of$ 106 million in China, CNBC reports. It is a blast to GM, which from 2010 through 2023 counted the Chinese industry as its biggest owner.
CNBC even mentions GM’s declining market share in China:
GM’s market share in China, including its joint ventures, has plummeted from roughly 15 % as recently as 2015 to 8.6 % last year — the first time it has dropped below 9 % since 2003. GM’s profits from the businesses have even fallen, down 78.5 % since rising in 2014, according to regulatory filings. ]Emphasis added]
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The single quarterly loss for GM in China since 2009, aside from the first quarter of 2019, were a$ 87 million loss for the next quarter of 2022 and a$ 167 million deficit for the coronavirus crisis. ]Emphasis added]
Despite the costs in the first quarter, Barra made a suggestion during an income contact late last month that she has no plans to move GM out of China.
” Over the long term, we’re committed to China”, Barra said, according to CNBC. We anticipate that the business will experience significant growth over the medium term.
On April 19, 2013, General Motors and China colors flutter overhead from the bank’s Shanghai office. ( PETER PARKS/AFP/Getty Images )
Unused charging stations for General Motors ‘ Buick Velite electric vehicle ( EV ) stand outside the company’s dealership in Shanghai, China, on July 17, 2019. ( Gilles Sabrie/Bloomberg via Getty Images )
That expansion, Barra predicts, may be fueled by GM’s EV sales in China.
With the capacity of the Chinese [automakers],” we believe it has evidently changed the landscape and the market.” But we still think there’s a part and a place for GM to play with pleasure premium”, Barra said.
However, past GM professional Bob Lutz is making a considerably different prediction, telling Fox News Digital last week that the shift to EVs is a” massive error” for the American car market.
Lutz said:
The issue with the entire Electric activity is that there was a ton of hype behind it, according to what liberal major media would call it. This made it seem like everyone’s car was going to get an EV. And of course, the state was pushing it because of their plans on climate change. Nobody is ready to be pushed into EVs before the entire system and the situation is best for them, not even the British public.
” Trying to get it done instantaneously was a gigantic mistake”, Lutz said.
For Breitbart News, John Binder is a columnist. Email him at , [email protected].  , Observe him on Twitter , below.  ,
