Carmakers fret over China's slowing auto market - Los Angeles Times
By last year, after an explosion of wealth for the middle and upper classes there, they bought almost 24 million vehicles — accounting for more than a quarter of global sales and a huge share of profits for major automakers. "What happens in China is the most important factor globally for most automakers," said John Hoffecker, a vice chairman at AlixPartners and head of the firm's global automotive practice. GM, for instance, garnered 35% of its global sales and 44% of its profits in China last year, according to an analysis by AlixPartners. It's Buick brand is particularly dependent on Chinese sales — totaling 919,582 last year, compared with 228,963 in the U. S. Buick sales have dipped 1% in China since the first of the year — but that's accelerating, falling 7% in July on a... Chevrolet sales have sagged 16% through the first seven months of this year in China, to 346,184, LMC said. After rising by an annual 16. 6% for the past decade — to become the world's largest car market — Chinese auto sales growth is projected to slow to about a 5% annual average over the next several years and then to about 4% between 2018 and 2022.... Source: www.latimes.com
