GM cuts vehicle prices on 40 models in China
DETROIT (Reuters) - General Motors Co (GM.N: Quote) has cut vehicle prices in China after sales fell last month in the world's largest automotive market.
The No. 1 U.S. car maker's joint venture with SAIC Motor Corp (600104.SS: Quote) set price reductions of as much as 53,900 yuan ($8,681) on 40 models across its Buick, Chevrolet and Cadillac brands, according to a statement on Tuesday on Shanghai GM's website.
GM and its Chinese joint ventures saw sales in China slip 0.4 percent last month, as demand in its largest brands all fell. Sales of Wuling, Buick and Chevrolet brands declined 5.1 percent, 8.5 percent and 5.6 percent, respectively.
A slowing economy has weighed on domestic demand in China, and foreign car makers also are facing more intense competition from their Chinese rivals, especially with SUVs.
(Reporting by Ben Klayman in Detroit and Christine Chan in New York; Editing by Ted Botha)
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