From Breakingviews - GM’s China ambitions take an ill-timed detour
fell by more than a third in the quarter ending June from a year earlier, and annual earnings from its joint ventures halved in 2019 before the pandemic struck.
China’s luxury auto market is spluttering, too, though, with drivers buying 22.6% fewer vehicles in the second quarter, per Bernstein. New lockdowns suggest Beijing isn’t about to put the brakes on its zero-Covid policies, either. Importing rather than manufacturing locally makes it harder to compete, thanks to a 15% duty. And branding could backfire: fossil-fuel and offroad models are hard to square with GM’s commitment to zero emissions and zero crashes. Barra is mapping out a tough route.
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