What Happened: The Detroit-based automaker’s Chinese sales rose 12% in the quarter ended September compared with a similar period a year earlier.
GM reportedly delivered 771,400 vehicles in the third quarter. In the second quarter, deliveries had shrunk by 5%.
The automaker’s Wuling Hong Guang MINI EV, a two-door vehicle, which sells for $4,200 was China’s best-selling EV in August, as per Reuters.
Why It Matters: GM is the second-largest foreign automaker in China in terms of units, ranking behind Volkswagen AG (OTC:VWAGY).
The Mary Barra-led company is looking to electric vehicles to account for over 40% of its new vehicle launches in China in the coming five years as China pushes a move towards greener vehicles, noted Reuters.
EV frontrunner, Tesla Inc (NASDAQ:TSLA) sold 139,300 globally, which is a 53.67% growth in deliveries quarter-on-quarter in the same period but the company does not provide a geographic breakdown.
Price Action: GM shares closed almost 0.2% lower at $32.16 on Friday.
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