General Motors' business in China is hurting, and it's not just because of Covid
and IM Motors. He said the vehicle's ability to swap out the battery for a fresh one, rather than recharging, "put it ahead pretty quickly."
That competition is increasingly becoming a problem for GM, which has acknowledged such issues with its Chinese business. However, the company has not offered much assurance on how to reverse the trend other than the promise of new EVs and a new businessthat will import pricy vehicles with high margins from the U.S. to China.
"With the changes that they put in place, with a refocus on North America and China, the pull out of Europe, essentially, that does create a risky scenario now that you have some issues, multiple issues, going on in the Chinese market," said Jeff Schuster, executive vice president of LMC Automotive, a GlobalData company.
SAIC-GM-Wuling Automobile Co. electric vehicles are plugged in at charging stations at a roadside parking lot in Liuzhou, China, on Monday, May 17, 2021.Still, Jacobson earlier this year said China's handling of the coronavirus pandemic and surging Covid cases accounted for the nearly 40% drop in equity income for the operations in 2022.
Dunne, president of GM's Indonesia operations from 2013-15, said the decline of GM and other nondomestic automakers comes alongside China's market growth slowing, Chinese automakers becoming increasingly more competitive and the shift to all-electric vehicles — which has been massively subsidized by government agencies.
Local companies rushed to grab a slice of that growth in an auto market that was slumping overall. Startups such ashelped promote the idea of electric vehicles as part of an aspirational lifestyle and status symbol in China. And the rising quality of domestic-made electric vehicles helped support — and tap — growing nationalistic pride among China's consumers.
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