This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Ford, GM Report Record China Sales

Stocks in this article: F GM

SHANGHAI TheStreet) -- Ford (F - Get Report) and General Motors (F - Get Report) both reported record China sales in 2011.

GM, the market leader in China, said sales rose 8.3% to 2,547,171 vehicles, a result of record domestic demand. Ford said sales rose 7% to 519,390 units. Sales by both U.S. automakers exceeded the estimated overall Chinese growth rate of 3% to 5%, as sales by Japanese automakers slumped on supply problems. Like all U.S. companies, Ford and GM operates in China with joint venture partners.

"GM stayed ahead of the competition despite a slowdown in the growth of industry demand thanks to our broad portfolio of appealing vehicles," said Kevin Wale, president and managing director of the GM China Group, in a prepared statement. "GM and our joint ventures introduced 12 new models in 2011 while expanding our manufacturing and product development capability to meet rising demand.

"This year will be equally promising for GM in China," Wale added. "We expect the market for both passenger and commercial vehicles to continue to expand, particularly in China's Tier 3 and Tier 4 cities."

Among GM brands, Buick sales rose 17.4% to 645,537 vehicles, while Chevrolet sales rose 9.4% to 595,068 units. The brand's best seller was the Cruze (pictured) with 221,196 units. Cadillac sales rose 73% to 30,008 units.

Shanghai GM was China's passenger car sales leader in 2011, as sales rose 16.2% to1,200,355 vehicles. SAIC-GM-Wuling was the domestic sales leader among mini-commercial vehicle manufacturers, as sales rose 4.8% to 1,285,820 vehicles. GM has 2,700 dealers in China, its largest global market.

At Ford, meanwhile, "our strong sales performance in 2011 shows that Ford is on track to deliver on its promise to bring 15 new vehicles to China by 2015," said David Schoch, CEO of Ford Motor China, in a prepared statement. Ford and its partners are adding four new plants in China, including a vehicle assembly plant in Chongqing that will come online in 2012."

Sales at Ford's biggest China joint venture, with Changan Ford Mazda Automobile, grew 5% to 320,658 units.

-- Written by Ted Reed in Charlotte, N.C.

>To contact the writer of this article, click here: Ted Reed

Readers Also Like:


Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,191.37 -195.84 -1.13%
S&P 500 2,004.98 -24.57 -1.21%
NASDAQ 4,644.4370 -37.06 -0.79%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs