NEW YORK (TheStreet) -- Shares of General Motors (GM) are declining, lower by 0.20% to $35.02 in afternoon trading Wednesday, after a bearish comment with a cautionary remark on the automobile market in 2015 by a Chinese official, the New York Times reports.
China Automobile Dealers Association deputy secretary general Luo Lei said, "Carmakers have high market expectations, but the reality is that supply exceeds demand."
Dealers in China have been complaining about issues clearing inventory due to an unbalanced push by automakers to meet supply targets.
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According to China's largest group of auto dealers, only 30% of dealers in China were profitable in 2014, worse compared to 70% of dealers making a profit in 2010, the Times added.
Detroit, MI-based General Motors designs, build and sell cars, trucks and automobiles parts globally.
Separately, TheStreet Ratings team rates GENERAL MOTORS CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL MOTORS CO (GM) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and growth in earnings per share. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself."