American automakers, as well as those based in other parts of Europe and Asia, are seeing their sales in China plummet and are being forced to withdraw from the market.
General Motors (GM) and Ford Motor Company Fighting Auto expert Michael Dunn has described sales in China as “plunging.” Other automakers, including Germany’s Volkswagen and Japan’s Nissan, are also suffering declining sales as they lose out to Chinese automakers such as BYD.
GM CEO Mary Barra said in May that the company was “committed to China.” But last week, Barra changed her tune, saying: To tell The situation is “unsustainable”, and this week VW CEO Oliver Bloom described the situation in China as a “huge challenge”.
For example, GM was expected to make a profit of $75 million in China in the second quarter of 2023. However, a year later, GM had lost more than $100 million.
“VW, once a market-leading powerhouse, is in shambles, with a $500 million loss in 2024,” Dunn wrote on X. “Foreign automakers will not recover for several reasons: They will exit China quietly, not with fanfare.”
Meanwhile, previous reports have suggested Ford is similarly suffering heavy losses in China, despite efforts to maintain its commitment to the communist country.
“Ford no longer breaks out its financial results by region, but from 2017 to 2022, the company lost roughly $5.5 billion in China,” CNBC reported. report In May. “[Ford CFO John] Lawler said all regions of the company’s traditional “Ford Blue” business, including China, made profits in the first quarter, but the division does not include commercial vehicle sales or EVs.
John Binder is a reporter for Breitbart News. Email him at jbinder@breitbart.com. Follow him on Twitter. here.
