Globally popular automotive brand General Motors Co. has been facing tough time in Chinese automotive market post a reportedly drop in last month's sales in the world's largest automotive market. This has pushed the carmaker to cut the vehicle prices in China. The No. 1 US car maker's joint venture with SAIC Motor Corp set price reductions of as much as 53,900 yuan ($8,681) on 40 models across its Buick, Chevrolet and Cadillac brands, according to a statement on Tuesday on Shanghai GM's website.
GM and its Chinese joint ventures saw sales in China slip 0.4 percent last month, as demand in its largest brands all fell. Sales of Wuling, Buick and Chevrolet brands declined 5.1 percent, 8.5 percent and 5.6 percent, respectively. A slowing economy has weighed on domestic demand in China, and foreign car makers also are facing more intense competition from their Chinese rivals, especially with SUVs.
