GM Says Sales In Key Emerging Markets Rose 3.2% In 2008
15 Januar 2009 - 8:17PM
Dow Jones News
General Motors Corp. (GM) said Thursday that its sales growth in
Latin America, Africa and the Middle East slowed to 3.2% in
2008.
The emerging markets provide one of the few remaining profitable
pockets for GM and rivals, but the U.S. company's expansion slowed
dramatically from 19% a year earlier.
The slowdown provides an ominous sign that the global economic
slump is making it harder for U.S and European auto makers to rely
on emerging markets to offset severe weakness in their home
regions.
For GM, the region was the only one of four to turn a profit in
the third quarter of 2008, earning $514 million while the group's
automotive operations posted a loss of $2.8 billion for the same
period.
GM's major competitors in the regions, including Ford Motor Co.
(F) and Volkswagen AG (VLKAY), have yet to announce full-year
sales.
Emerging-market growth is expected to sputter more in 2009 as
developing nations, many of which are heavily reliant on oil
exports, are hit by declining commodities prices and a slowdown in
global trade.
Forecasting firm IHS Global Insight predicts growth in most
emerging markets this year will be roughly half what it was in 2007
and early 2008.
GM sold a record 1.276 million cars and trucks in its Latin
America, Africa and Middle East region last year, adding 40,000
more sales. The North African market and Egypt provided the largest
increases, up 57% and 52% respectively.
-By Sharon Terlep, 248-204-5532; sharon.terlep@dowjones.com.
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