General Motor (GM) micro electric vehicle has been considered as the ‘winner’ as it has sold 15,000 cars in China in the last months.
Tesla Inc (TSLA) has lost the title of Chinese market leader in terms of sale and has recorded the sales of 11, 000 models 3 sedans in China. Previously, it dominates the Chinese market after selling 11,095 Shanghai-made Model 3 vehicles in China in May. It has sold 3,635 vehicles in April and around 10,160 units in March.
A two-door micro electric vehicle, Hongguang MINI EV, introduced by the joint venture between General Motor and SAIC Motor Corp., and another partner SGMW in July. Hongguang MINI EV’s starting price reported to be the 28,800 yuan ($4,200). Its starting price is 10% less than Tesla’s China-made model 3 vehicle’s starting price.
General Motors (NYSE: GM) share price went from a low point around $14.32 to briefly over $39.78 in the past 52 weeks, though shares have since pulled back to $30.00. GM has moved up 109.42% from its 52-weeks low and moved down -24.58% from its 52-weeks high. General Motors market capitalization has remained high, hitting $42.19 billion at the time of writing. Looking at its profitability, it has a return on assets of 0.60%, return on equity of 3.70%, and return on investment of 3.20%.
General Motors executive vice president and president of GM China, Julian Blissett has earlier disclosed that the GM venture will focus on luxury Cadillacs and is planning to launch low cost micro electric vehicles. General motor and its joint ventures have earlier recorded the sales of more than 713,600 vehicles in China in the second quarter.
GM’s china has exhibited the signs of recovery as it has reported Buick deliveries surpassed 213,500 units in the second quarter. Baojun deliveries surpassed 94,100 units. Chevrolet dispatched more than 77,600 vehicles. Baojun deliveries topped 94,100 units.