Chip shortage hits GM's China sales in 3Q
Detroit — General Motors Co.'s third-quarter sales in China suffered from the global semiconductor shortage, dropping 19% year over year.
GM and its joint ventures sold more than 623,500 vehicles in the Detroit automaker's largest market from July through September, down from third-quarter 2020's 771,400 sales.
Only GM's Wuling brand saw an increase in sales of 11.8% during the quarter. Buick dropped 34.1%, Chevrolet was down 36.7%, Cadillac declined 8.7% and Baojun saw the largest drop of 60.4%.
GM said during the quarter it continued to advance its goal for zero crashes, zero emissions and zero congestion in China with the launch of the Ultium — its new battery technology — campaign in the domestic market. Presales of the first Ultium-powered model for the Chinese market, the Cadillac Lyriq electric crossover, will start later this year.
The global semiconductor shortage also led GM's U.S. sales to a 33% year-over-year drop in third-quarter. GM's dealers sold 446,997 vehicles in the U.S. in the quarter, down from the 665,192 sold last year as a result of historically low inventories.