GM cuts 11% off car prices
5 January 2006
General Motors slashed US$3,222 or 11% off two Chinese-made models, the Regal and Espica, Reuters reported. China has become one of the world's most competitive car markets prompting industry-wide price cuts. GM China, with joint venture partner Shanghai Automotive Industry Corp, has been closing on market leading Volkswagen in passenger cars. Sales are expected to have
grown 10% to 15% in 2005, matching 2004, but not even close to the 100% increase enjoyed in 2003.