Reported by Zheng Zhiwen, a 21st Century Economic Reporter, from Shanghai
At the 6th China International Import Expo, General Motors shared its business plan for its high-end imported cars and lifestyle platform, The Durant Guild, and announced the introduction of Chevrolet TAHOE Tahoe and GMC YUKON Yukon, which will be officially launched in the second quarter of next year.
Doug Langer was born due to his participation in the World Expo and has reached a new milestone this year. To meet consumers' pursuit of personalized and diverse lifestyles, we are actively preparing to bring global products from General Motors that have never entered the Chinese market and create a new segmented market. "On November 6th, Julian Blissett, General Motors' Global Executive Vice President and President of General Motors China, told reporters.
It is reported that General Motors established the Durango platform last year and decided to introduce the two full size SUVs mentioned above, aiming to achieve the "exhibition to commodity" effect of entering the market. Bruce Lee, President and Vice President of General Motors' high-end import business, pointed out that the introduction of the two models mentioned above will be used as an opportunity to accelerate the launch and delivery of Dow products. Next year, Doug will open direct showrooms and delivery centers in major first and second tier cities across the country to attract consumer groups interested in high-end imported models of General Motors. We will integrate customer touchpoints such as physical showrooms, flash stores, digital services, and door-to-door services into one, focusing on creating an inclusive, comprehensive, and outstanding customer experience
Previously, General Motors released its financial report for the third quarter of 2023. According to the financial report, General Motors' operating revenue in the third quarter was $44.131 billion, a year-on-year increase of 5.4%, nearly $1 billion higher than market expectations; The net income attributable to shareholders was $3.064 billion, a year-on-year decrease of 7.3%. The decline in profits is partly due to the impact of the UAW strike. According to General Motors' estimates, the company may lose an additional $200 million per week of strikes.
General Motors officially stated that its strong and stable core business is the foundation for empowering future development. General Motors continues to strengthen its product portfolio layout and improve the market performance of high profit margin products. The Daolange platform shoulders the heavy responsibility of General Motors' high-end development in China, which also means that General Motors' development in the Chinese market has entered a new stage.
However, it is worth noting that while General Motors introduced Chevrolet's best-selling models in the Chinese market, Chevrolet's electric transformation in China has been slow to make new progress. On the other hand, Buick's two Autotronic platform models have accumulated sales exceeding 20000 units since their launch in the second quarter. The latest data shows that in October, SAIC General Motors sold a total of 10003 new energy vehicles, a year-on-year increase of 90.7%, with Buick E5 sales of 3841 vehicles.
The third quarter financial report of General Motors stated that its brands are accelerating the launch of Autotronic products at a dense pace, covering all major market segments. It is expected that by 2025, General Motors' electric vehicle production in the two major markets of the United States and China will reach 1 million units respectively. However, General Motors Chairman and CEO Mary Bora previously stated, "Due to the impact of the UAW strike on revenue and profits, the company will slow down its electric vehicle strategy and prioritize profit targets over sales targets