On April 11, eight day before GM reported a first-quarter slump down on the revenue from Chinese market, the Economic Reference in China has published a story called "GM, bright in East instead of West"(in Chinese). Now look back at the story, it looks ironical.
GM China said it earned US$33 million in the latest quarter, down sharply from $162 million a year ago, though the market share grew to 10.4 percent from 9.9 percent last year. It said in the report that the environment in China is more challenging without elaborating. But numbers show that the market is not that profitable as it was last year.
Phil Murtaugh, the Chairman of GM China for more than four years, resigned last month in what is understook to be a disagreement over management strategy. He has been succeeded by Kevin Wale, perviously head of GM's British unit, Vauxhall.
Still a long way to go.
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