GM'S CHINA SLIP

But that figure masked a sharp decline in passenger car sales. Sales from GM's joint venture with Shanghai Automotive (SAIC), China's largest locally owned carmaker, fell 7 per cent last year to 445,709.

Commercial vehicle sales from a joint venture in southern China remained strong, rising 17.9 per cent last year, thanks to sales of a popular commercial minivan. Overall, GM and its joint ventures sold a record 1.09m vehicles last year in China, the world's second-largest car market.

Kevin Wale, head of GM China, said he expected sales this year to “remain steady”. China would remain the world's fastest-growing car market over the next decade.

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