GM, Ford Posts Strong First-Half 2008 Sales Growth In China

(financialwire.net via COMTEX) -- GM | Quote | Chart | News | PowerRating -- July 9, 2008 (FinancialWire) General Motors Corp. (NYSE: GM | Quote | Chart | News | PowerRating) and Ford Motor Co (NYSE: F | Quote | Chart | News | PowerRating) have posted strong first-half growth in China, the world's No.2 car market that is seeing another boom year.

GM posted a 12.7 percent gain in first-half 2008 China sales while Ford sold 21 percent more vehicles over the same period.

The higher sales in China comes as both automakers are struggling in North America where they are cutting jobs, closing factories and reducing production in response to a steep decline in U.S. vehicle sales.

GM and Ford are increasingly relying on emerging markets such as China to offset losses in the United States as they restructure their operations to return to profitability. Auto sales in China, including trucks and buses, are expected to reach 10 million units this year.

GM said it sold 590,126 vehicles in the January-to-June period. Its first-half sales increase, however, was at a slower pace than its 18.5 percent growth in 2007. GM sold 3,285 Cadillac vehicles during the first six months and its commercial vehicle venture in south China sold 349,871 vehicles, including 329,842 Wuling-brand vehicles.

Rival Ford, a relative newcomer to the Chinese market, said it sold 172,411 vehicles in the first half of this year. Sales of Ford brand passenger cars and commercial vehicles reached 103,698 units during the first six months, a 15-percent year-over-year increase.

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