Bank of America tells Detroit’s Big 3 they can’t make money in China and should just leave the hypercompetitive car market ‘as soon as they possibly can’
Bank of America tells Detroit’s Big 3 they can’t make money in China and should just leave the hypercompetitive car market ‘as soon as they possibly can’
BoA argues GM, Ford and Stellantis either face a future of funding continued losses in China or they can redeploy resources to finally become competitive with Tesla—but they can't do both.
cross-posted from: https://lemmy.ml/post/17087653
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Somebody needs to tell them about Buick in China.
Apparently decreasing sales, but half a million Buicks sold in 2023, plus the whole: "GM China sales decreased nine percent to 2,098,980 units during the complete 2023 calendar year. Sales decreased at all five brands marketed by GM in the Asian country, including Buick, Chevrolet, Cadillac, Baojun and Wuling."
https://gmauthority.com/blog/2024/02/gm-china-sales-figures-numbers-results-2023-calendar-year/At that scale, it would be extremely embarrassing if GM can't stay competitive & profitable.