Automaker General Motors still thinks they can have great success in China despite recent obstacles related to the country’s strict COVID-19 rules and supply issues.
Speaking at a recent All Markets Summit, GM’s CEO Mary Barra expressed optimism that the company can bounce back to reclaim the bigger piece of China’s competitive car market.
“We still think there’s tremendous opportunity there,” Barra explained.
According to Barra, GM is aware that the increasing competition, especially from the domestic automakers, will be hard to fend off. However, they believe the power of their brands, mainly Buick and Cadillac, as well as their track record in the luxury domain, can prove decisive.
“We’re definitely seeing the landscape change, we’re seeing more competition from domestic suppliers, but we think especially in luxury and with Buick, the strength of those brands, we think, is going to remain strong,” she added.
General Motors had an awful second quarter in China, seeing a 35% drop compared to the same period in 2021. However, after the country eased its COVID-19 restrictions, GM was able to bounce back and sell 629,900 vehicles compared to 484,200 cars in QB. The sales results are even better than a year ago, rising by 1%.