General Motors designs and builds trucks, crossovers, cars, and automobile parts, and provides software-enabled services and subscriptions worldwide. Its operations are divided into four reportable segments: GM North America (GMNA) and GM International (GMI), Cruise, and GM Financial segment. The GMI segment primarily includes customers outside of North America, with vehicles developed, manufactured, and marketed under the Buick, Cadillac, Chevrolet, and GMC brands. In the GMI segment, China is the biggest market for General Motors in terms of vehicles sold. In China, GM and its joint ventures sell passenger cars and commercial vehicles under the brands Cadillac, Buick, Chevrolet, Wuling, and Baojun brands. As China’s vehicle market is entering a new era of high-quality development, GM will continue to expand and enhance its portfolio, with a focus on new energy vehicles (NEVs), and intelligent connected vehicles (ICVs), to meet Chinese consumers’ evolving needs.
The industry sales in China increased as compared to FY2020, which was adversely impacted by the COVID-19 pandemic. Total vehicle sales in China were 2.9 million units in FY2021 representing a decrease of 0.5% compared to FY2020. Continuing shortages of semiconductors worldwide, COVID-19's macroeconomic impact, and geopolitical tensions continue to impact the Chinese automotive industry and vehicles sold in China.
The company generated an equity income of $1.1 billion from its Automotive China joint ventures in FY2021. Although price competition, higher costs associated with commodities and raw materials, and a more challenging regulatory environment related to emissions, fuel consumption, and NEV requirements will place pressure on its operations in China, it expects to continue to develop strong brands, networks, and partnerships in China, as well as to improve vehicle mix and cost.
Outside of China, industry sales increased in FY2021 as compared to FY2020. Its total vehicle sales outside of China were 0.8 million units in FY2021, representing a decrease of 1.1% compared to FY2020.
In September 2022, GM launched a new direct sales platform called Durant Guild in China, through which the company will host invitation-only events to showcase possible products, open "experience centers" in urban hubs and potentially stage pop-ups at selected sites. Through this, the company expects to create a buzz around its Cadillac and Chevrolet brands whose sales have slumped by a third over the past five years as consumers preferred Smart EVs made by local firms such as Xpeng, Nio, and BYD amongst others.
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