Group 1: Company Performance - General Motors (GM) achieved a 40.6% quarter-over-quarter increase in fourth-quarter deliveries in China, totaling nearly 600,000 vehicles, marking the strongest sequential growth since Q2 2022 [1] - For the full year, GM delivered over 1.8 million vehicles in China, a decrease from 2.1 million units in 2023 [1] - GM's joint ventures in China, particularly in the new energy vehicle (NEV) sector, saw a 50% year-over-year increase in deliveries, with NEVs accounting for nearly half of GM China's annual sales [2] Group 2: Product Highlights - The Buick GL8 series became the first MPV series in China to surpass two million units in cumulative production and sales, with over 23,000 deliveries of the PHEV model since its launch in Q2 2024 [3] - The Cadillac XT5, launched in September 2024, recorded nearly 15,000 units delivered in Q4 [3] - The Wuling Hongguang MINIEV family dominated the micro EV segment, selling over 100,000 units in Q4 and surpassing 260,000 units for the year [3] Group 3: Market Challenges and Restructuring - GM faced significant challenges in the China market, with a year-over-year decline in deliveries in Q3 2024, resulting in a market share drop below 9% for the first time in over 20 years [5] - To address these challenges, GM is restructuring its operations in China, which includes writing down the value of its SGM joint venture by $2.6-$2.9 billion and incurring an additional $2.7 billion in restructuring charges [6] - Despite the impact of these expenses on Q4 profits, GM anticipates year-over-year growth in its China operations starting in 2025 [6] Group 4: Strategic Initiatives - GM's premium import platform, The Durant Guild, launched the Chevrolet Tahoe and GMC Yukon in China, with deliveries set to begin in March 2025 [4] - The platform currently operates seven brand experience centers and plans to open seven additional centers in 2025 to strengthen its presence in the luxury import market [4]
General Motors' China Q4 Sales Rise 41% Q/Q on Strong NEV Deliveries