General Motors on Wednesday reported its worst quarterly sales in China since the start of the virus pandemic, amid a resurgence of coronavirus cases in the country and ongoing problems in the global supply chain.
The automaker said it sold more than 484,000 vehicles from April through June in China, its largest market globally, with sales down 35.5% from a year earlier and the lowest since the first quarter of 2020, when government restrictions led to the coronavirus outbreak. China stopped production.
General Motors shares fell by more than 4% during trading today, Wednesday, and the shares of the automaker fell by about 47% in 2022.
General Motors said in a statement that its China brands are “focused on resuming production and operations.” The company’s China sales were released less than a week after General Motors warned investors that supply chain issues would materially impact second-quarter earnings, while maintaining guidance. preceding 2022.