{"id":43084,"date":"2020-05-08T08:02:47","date_gmt":"2020-05-08T12:02:47","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/?p=43084"},"modified":"2020-05-08T04:06:56","modified_gmt":"2020-05-08T08:06:56","slug":"ford-motor-co-nysef-and-general-motors-co-nysegm-report-sales-growth-in-china-through-ventures","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/ford-motor-co-nysef-and-general-motors-co-nysegm-report-sales-growth-in-china-through-ventures-43084","title":{"rendered":"Ford Motor Co. (NYSE:F) And General Motors Co. (NYSE:GM) Report Sales Growth In China Through Ventures"},"content":{"rendered":"

It seems the largest auto market in the world is starting to recovers from the effects of the COVID-19 pandemic after Ford Motor Company\u2019s (NYSE:F)<\/strong> two joint ventures reported growth in YoY sales in April.<\/a><\/p>\n

Ford Sales growth in China through a joint venture<\/strong><\/p>\n

Chongqing Changan Automobile Ltd, which is the company’s main joint venture, indicated that it sold 20,465 cars last month, which is a 38.3% growth from 2019. On the other hand, Jiangling Motors Corp in which Ford owns a stake indicated in a security exchange filing that it sold 28,028 units representing a 7.8% YoY growth. Jianglin Motors sells JMC-branded commercial automobiles as well as Ford-branded vans and sport-utility cars.<\/p>\n

Ford had reported that its sales in China had dropped by 34.9% in Q1 to 88,770 vehicles<\/a>. This was due to the coronavirus imposed lockdowns that resulted in the drop in vehicle sales in China by 42% in the first quarter. The coronavirus pandemic resulted in more than 4,000 deaths in China.<\/p>\n

General Motors also reports an increase in Sales<\/strong><\/p>\n

Besides Ford, General Motors Company (NYSE:GM)<\/strong> has also reported growth in vehicle sales in China. The company saw double-digit YoY growth in sales in April through its two joint ventures in China.<\/p>\n

General Motors has a joint with Chevrolet, Cadillac, and Buick manufacturer SAIC Motor Corp. SAIC Motor indicated that its sales in China for April grew by 13.6%, and it sold around 111,155 cars<\/a> that included exported cars. SAIC, which is the largest Chines automaker, sold over 6 million cars in 2019 indicated that its sales increased 0.5% compared to last year. SAIC also operates a joint venture with German automaker Volkswagen.<\/p>\n

Another joint venture SGMW, which is a venture between GM, Guanxi Automobile Group, and SAIC, indicated that sales grew 13.5% compared to last year, and they sold more than 127,000 units. The SGMW venture manufacturers no-frill minivans, and recently it began manufacturing high-end cars.<\/p>\n

General Motors is the second largest foreign car manufacturer in China after Volkswagen. Its sales dropped 43.3% in Q1 compared to last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

It seems the largest auto market in the world is starting to recovers from the effects of the COVID-19 pandemic after Ford Motor Company\u2019s (NYSE:F) […]<\/p>\n","protected":false},"author":12,"featured_media":43085,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2018],"tags":[14288,12088,12087,1047,1700,629,632,14312],"stock_ticker":[13917],"class_list":["post-43084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-automobile","tag-covid-19-pandemic","tag-ford-motor-companys","tag-ford-motor-companys-nysef","tag-general-motors-company","tag-general-motors-company-nysegm","tag-nysef","tag-nysegm","tag-sgmw","stock_ticker-f","entry"],"acf":[],"yoast_head":"\nFord Motor Co. 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