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GM Says China’s Car Market Will Reach 30 Million by 2020
A bullish General Motors Co. predicts China’s passenger vehicle market will grow to about 30 million units in 2020 from 24.6 million light vehicles last year.
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A bullish General Motors Co. predicts China’s passenger vehicle market will grow to about 30 million units in 2020 from 24.6 million light vehicles last year.
Matt Tsien, who heads GM China, tells Reuters even more growth is likely before the market plateaus roughly a decade from now. He says much of the expansion will be driven by double-digit growth in China’s third- and four-tier cities. He notes that China’s largest mega-cities, such as Beijing and Shanghai, are already nearly saturated.
Tsien is especially optimistic about GM’s growth in China's smaller markets. He points to the potential of the company’s two low-cost domestic brands, Baojun and Wuling, that already are selling a combined 2 million vehicles per year.
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