General Motors’ CEO made one awful announcement about China she’ll live to regret

The center of the automotive universe is shifting to China because of the rise of electric vehicles.

Now American automakers are beginning to gamble their future away. 

And General Motors’ CEO made one awful announcement about China she’ll live to regret. 

General Motors committed to China despite slump in sales 

General Motors (GM) has made a big bet on China being the key to the company’s future.

China was the largest market for GM from 2010 to 2023 after first entering the communist nation in 1997 with a joint venture with SAIC Motor Corp., a state-owned company. 

GM announced that it lost $106 million in China during the first quarter.

That became the company’s third quarterly loss in the country in the last 15 years and its biggest loss outside of the pandemic.

“GM’s market share in China, including its joint ventures, has plummeted from roughly 15% as recently as 2015 to 8.6% last year — the first time it has dropped below 9% since 2003. GM’s earnings from the operations have also fallen, down 78.5% since peaking in 2014, according to regulatory filings,” CNBC reported.

GM’s decline in China comes while the country’s domestic automakers, especially in the electric vehicle sector, are on the rise.

Chinese automaker BYD surpassed Tesla as the biggest seller of electric vehicles in the world earlier this year.

General Motors CEO says the company is committed to China

GM CEO Mary Barra has committed the automaker to an all-electric future.

She predicted that 2023 would be “a breakout year” for GM’s electric vehicle production.

But weak consumer demand forced the company to scale back its ambitions. 

Now Barra is claiming that electric vehicles will turn around GM’s fortunes in China.

“Over the long term, we’re committed to China,” Barra said. “We believe that it’s a market that — over the medium term — will have substantial growth.”

She said that the company would regain ground in China with its electric vehicles.

GM faces tough competition from Chinese automakers in that sector.

And former executives with the company said that GM was making a fool’s bet.

Former GM executives criticize China and electric vehicle strategy

Former GM Indonesia executive Michael Dunne told CNBC that it’s game over for most American automakers in China.

“We’re at the beginning of the end for [traditional] U.S. automakers in China,” Dunne said. “Everything’s heading in the wrong direction for Detroit automakers in China.”

Former GM executive Bob Lutz told Fox News Digital that betting on electric vehicles was a “colossal mistake.”

“The problem with the whole EV movement is that there was a colossal amount of hype behind it, from what I like to call the liberal mainstream media, making it sound like everyone’s next vehicle was going to be an EV,” Lutz explained. “And of course, the government was pushing it because of their climate change policies. And it just plain wasn’t going to happen, the American public . . . not even the Chinese public, nobody is ready to get pushed into EVs before the whole infrastructure and the situation is right for them.”

GM’s electric vehicle plan will put the automaker on the road to ruin in China and the United States.

*Renewed Right Official Polling*

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