Economy, Auto

GM Cuts Vehicle Prices in China

GM Cuts Vehicle Prices in ChinaGM Cuts Vehicle Prices in China

General Motors has cut vehicle prices in China after sales fell last month in the world’s largest automotive market, Reuters reported on Wednesday. The No. 1 US car maker’s joint venture with SAIC Motor Corp. set price reductions of as much as 53,900 yuan ($8,681) on 40 models across its Buick, Chevrolet and Cadillac brands, according to a statement published on Shanghai GM’s website. GM and its Chinese joint ventures saw sales in China slip 0.4 percent last month, as demand in its largest brands all fell. Sales of Wuling, Buick and Chevrolet brands declined 5.1 percent, 8.5 percent and 5.6 percent, respectively. A slowing economy has weighed on domestic demand in China, and foreign carmakers also are facing more intense competition from their Chinese rivals, especially with SUVs.