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The Golden Dynasty of General Motors. Only This Time- In China.
According to a Reuters source, GM sold 55.6% more vehicles in China from January to September, leading a 34.34% gain in the overall Chinese auto market.
"Next year we will again try to grow a little faster than the market's growth," said Kevin Wale, President and Managing Director of GM's China operations via an online briefing. Further noting, GM may sell more than 1.6 million cars and trucks, in-line with his prior forecast of more than a 40% year-on-year growth.
To put this into further perspective- General Motors sold 1.09 million vehicles in China during 2008.
Personally, I feel GM may be counting their proverbial chickens (or call them “turkeys,” for all you domestic car fans, if you must) before they hatch. China’s auto market is expanding, true, but largely in-part due to a rash of government incentives, namely sales tax reductions in small cars, which, are due to expire by 2010.
Think of it like a massive CARS program, a big government-induced incentive… But in China. If Beijing won’t pony-up the support of the industry like they have in 2009- will China’s auto growth hang-over much like ours did after Cash for Clunkers?
All this is reminding me of the optimism GM spread during the 1950’s in America. When every year going forward was showing promise as being bigger and better than the year before- with an expanding product line, a growing infrastructure and a booming demand that just couldn’t get enough. But that's sales... You have to think and speak positively.
My advice to GM- "don't let the highs get too high... or the lows get too low..." Translate that into any language, if you must.
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Wow any chance the $40B helped to hit these figures? And don't forget the piddly $200M spent in GM's home town of Flint, Mi to build a car (Chevy Volt) no one can afford or justify driving. It's only a trophy guy's.
Come on Dow 10,000. It's the milestones you remember. We can point to the lower end of 14,000 as the Dow high and not some crazy number like 14,837 as a high which the Dow didn't get anywhere near. We laughed as it fell from that 14k milestone. I want to see the lower end of Dow 10,000 as the high this cycle, which is crazy enough given current P/E ratios, but a laughable high milestone number to point to as it crashes again.
Tada! Dow 10,000 and away!
Don't forget that GM USA only owns 50% of this SGM entity, the other 50% is SAIC (Shanghai automotive). Further if they want to remove any profits from China they are hit with a 25% removal tax. What is the benefit to the US shareholder? Is this dilutive to their WW interests in the long term?
Keep selling short America!
China is now the land of Capitalism, send them all your money so their products get expensive with our weak dollar!
Geez, American's don't even want to buy their own debt and own their future, why should anyone else bother.
Keep sending those dollars overseas people!
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