General Motors CEO Mary Barra said that the company will push forward with its operations in China despite a whopping loss in the country in the first quarter of 2024.
Barra recently visited China and promised that GM remained committed to the market, which has been a mainstay for the manufacturer since 1997. A $106 million loss in the first quarter in China was just GM's third quarterly loss in the far east in the last 15 years, CNBC reported, but the company announced that it expects the numbers to turn around.
GM CFO Paul Jacobson reportedly told investors that the company expects similar or slightly lower than $446 million in profit, which is what it garnered in China in 2023.
However, 2023 was the lowest year for equity income for GM in China since at least 2012, but this has come at a much smaller market share. GM's percentage of the market has shrunk from nearly 15% down to 8.6% in the last decade, lowering expectations.
