GM’s sales rise by 27.2% in China in 2004
General Motors Corp (GM) announced that its vehicle sales in China rose by 27.2% last year. The company is also planning to introduce its upgraded models in the country in 2005. The world's largest automaker GM said that its share in the world's fastest-growing market rose to 9.3% in 2004 from 8.5% registered in 2003. GM's share ranks second after Volkswagen. In 2004, Volkswagen's share was 26.4%. According to the statement made by the GM, the company maintained its growth pace by introducing new products and services, despite the slowdown in the growth of the vehicle market in mid-2004. GM's Asia Pacific operations reported a $101 million income in the third quarter of 2004. However, this figure was lower than the $162 million recorded in the same period of last year due to the economic slowdown in China. The automaker also advanced its import lineup in 2004 in order to meet strong demand for premium and luxury vehicles. Saab brand was introduced in May and Cadillac in June. Passenger car demand showed an upward trend in 2002 and 2003; however the automotive market began to slowdown in the second half of 2004 because of the government's measures to cool down the overheating economy.