General Motors said on Thursday its Chinese joint ventures have seen strong sales growth for a fifth straight month in November, with monthly deliveries of new energy vehicles, including battery electric vehicles (BEVs) and plug-in hybrids (PHEVs), exceeding 100,000 units in the past two months. This means that more than half of the vehicles GM sold in China have been EVs since October, a momentum attributed to the strong demand for its Buick GL8 PHEV variants and the budget Wuling crossovers, among other new electric models.
However, the Detroit giant also revealed that it will take up to $5.6 billion in combined charges in the fourth quarter of this year to restructure and improve its businesses in China, including closing factories and cutting workforce. Sales of SAIC-GM, a 50-50 joint venture between GM and SAIC, a state-owned manufacturer, slumped 58.6% to just over 371,000 units as of November this year, according to a regulatory filing published by SAIC on Tuesday. The situation was better for SAIC-GM-Wuling, the other GM JV in China, as it saw sales decline by 3.4% to more than 1.1 million units over the same period. [TechNode reporting, General Motors release]
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