GM(US:GM) Cai Jing Wang·2025-05-15 09:11Core Insights - General Motors (GM) is restructuring its high-end import vehicle platform, Daolang, in response to significant economic changes, with import vehicle sales accounting for less than 0.1% of GM's total sales in China [1][3] - Daolang has paused new orders and is only accepting "intention orders," while continuing to deliver the 2025 Chevrolet Tahoe and GMC Yukon full-size SUVs [3] - GM's leadership in China has changed, with Jim Campbell taking over as president of Daolang after the departure of Li Long [3] Financial Performance - GM reported a positive trend in the Chinese market, achieving profitability in Q4 2024 and maintaining a growth trajectory with a year-on-year increase in sales of 53.2% for new energy vehicles [3] - The company has adjusted its financial outlook for 2025, projecting adjusted EBIT of $10 billion to $12.5 billion and adjusted diluted earnings per share of $8.25 to $10.00 [4] - Cash flow from automotive operations is expected to be between $7.5 billion and $10 billion for 2025 [4] Market Trends - The retail sales of mainstream joint venture brands in April decreased by 3% year-on-year and 8% month-on-month, with American brands holding a market share of only 4.8%, down 1.1 percentage points year-on-year [4] - The number of imported vehicles in China has declined from 1.24 million in 2017 to 800,000 in 2023, with projections of 700,000 imports in 2024, a 12% decrease year-on-year [4] - In Q1 2025, the import of vehicles dropped to 95,000 units, reflecting a 39% year-on-year decline [4]