Asian focus helps General Motors stay afloat

General Motors Co (GM) reported a 67 percent jump in 2009 China sales, emphasizing the growing importance of Asian markets following its predecessor's collapse into bankruptcy on tumbling US and European demand.

GM, the largest overseas automaker in China, sold 1.83 million vehicles in the country last year, it said in an e-mailed statement yesterday. Its market share rose 1.3 percentage points to 13.4 percent, the company said.

The Detroit automaker has boosted investments in China on growing demand for its low-cost minivans, while shutting plants in the US because of plunging sales. China likely surpassed the US as the world's largest auto market last year as tax cuts and subsidies for rural drivers spurred demand.

"Despite the sales records in 2009, it looks as if 2010 will be even stronger," GM's China head Kevin Wale said in the statement. "The industry outlook is strong and we expect more growth, albeit on a somewhat slower pace."

Source: China Daily