Welcome to the Daily 5 report for Tuesday, Oct. 28.
A Chinese proverb for patience imparts: "If you are patient in one moment of anger, you will escape 100 days of sorrow."
Patience has underscored business for both General Motors and Ford Motor Co. in China and their vast billions of dollars of investments there. Perhaps because it would be almost financially impossible to exit the world's largest car market, both Detroit automakers were forced to endure rough times there in recent years. Now, they are both showing credible signs of progress.
Sign up for the Daily 5 report here.
Ford said today that it notched a profit for the ninth-straight quarter in China as exports bolstered its bottom line. Ford's China unit announced the positive results amid plans to add local production of electrified variants of its Bronco SUV.
In 2024, Ford's shipments from China surged more than 60 percent year over year to approach 170,000 vehicles, with Southeast Asia, the Middle East and South America the main destinations, Yang Jian reported.
Meanwhile, GM's sales in China climbed 10 percent in the third quarter, keeping the automaker on a path to profitability this year in the highly competitive market, Jian reported earlier in October.
GM China said it delivered 470,000 vehicles in the three months ended Sept. 30, signaling it has found traction after a long sales slide halved its volume in less than a decade, our story said.
Jian also wrote that GM's China sales have now increased for three consecutive quarters, with volume growing 9.7 percent in the first nine months to roughly 1.4 million vehicles.
In other news, subprime auto lender Credit Acceptance Corp. said CEO Kenneth Booth will step down from the role Nov. 13 ahead of retirement Jan. 31. Board member Vinayak Hegde will succeed him.
Booth, who became CEO in 2021 after a promotion from CFO, will serve as executive board member after handing the reins of the major subprime auto lender to Hegde, who was consumer CMO of T-Mobile until leaving earlier in October, John Huetter wrote.
Finally, dealership groups Group 1 and Asbury Automotive both reported third-quarter results today.
That's it for now. Have a great rest of your day. If you want to view this story in your browser, click here.
— Philip Nussel, online editor
No comments:
Post a Comment