GM China shines amid Asia decline
General Motors said its Chinese joint ventures earned $400 million (2.44 billion yuan) in pretax income for the third quarter, outweighing a combined loss of $100 million in the rest of Asia.
Overall, GM's International unit -- which includes China and several Asian countries -- recorded a quarterly pretax profit of $299 million, down 61 percent from a year earlier.
CFO Dan Ammann said Wednesday that GM's China business is "strong and on track."
But weaker results in India, Australia and other Southeast Asian countries stemmed from stiffer price competition, driven by the devalued Japanese yen, as well as "execution issues that we're working through," Ammann said.
GM has said that its results in India have been hurt by an SUV recall there.
In China, GM has enjoyed strong profits as it battles Volkswagen AG for the sales crown this year. In the first nine months, GM's vehicle sales increased 11 percent to 2.31 million vehicles. VW sales have risen nearly 18 percent to 2.35 million units.
CFO Dan Ammann said Wednesday that GM's China business is "strong and on track."
But weaker results in India, Australia and other Southeast Asian countries stemmed from stiffer price competition, driven by the devalued Japanese yen, as well as "execution issues that we're working through," Ammann said.
GM has said that its results in India have been hurt by an SUV recall there.
In China, GM has enjoyed strong profits as it battles Volkswagen AG for the sales crown this year. In the first nine months, GM's vehicle sales increased 11 percent to 2.31 million vehicles. VW sales have risen nearly 18 percent to 2.35 million units.
