Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (2808)	3/15/2004 3:51:45 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

GM triples China earnings to $437 mln in 2003 Mon Mar 15, 2004 02:46 PM ET DETROIT, March 15 (Reuters) - General Motors Corp.'s (GM.N: Quote, Profile, Research) earnings from China, where the automaker has rapidly ramped up production, more than tripled last year to $437 million, GM said in a recent securities filing. GM, the world's No. 1 automaker, also lost $74 million last year on its 44.6 percent stake in South Korean automaker GM Daewoo, the automaker said in the filing released late last week. That implies that GM Daewoo lost about $166 million last year. GM had had not previously disclosed its earnings from China, the world's fastest-growing market for new cars and trucks, or its losses from GM Daewoo. GM's earnings from China, which grew from $142 million in 2002, accounted for the bulk of its earnings from the Asia Pacific region, which totaled $577 million last year. In January, GM said that it expected earnings from the Asia Pacific region to grow this year to $700 million to $800 million. GM also said it expected that higher sales volume and stronger market share in China this year would be countered by downward pressures on pricing, higher structural costs as it expands and a shift to sales of more low-margin small cars. Despite the increasing competition, GM has stepped up efforts in recent months to expand in China. Earlier in March, GM and its main Chinese partner, Shanghai Automotive Industry Corp., agreed to buy an idled engine plant in Northeastern China that was formerly run by the defunct Daewoo Motors. Last year, GM said it would raise capacity by 50 percent in China to 766,000 units, adding production lines to its main Shanghai plant and another in the southern region of Guangxi. reuters.com