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Cars and Drivers

China Still The Holy Grail For GM, And The Best Place For Its IPO

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By Douglas A. McIntyre Published
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Ford’s (F) sales may have passed GM’s in the US in February, but GM is still well ahead of its rivals in China.

GM sold 174,306 cars on the mainland last month between its own vehicles and those sold with joint venture partners. The is a 51% increase over the same period last year.

GM’s lead over Ford and Toyota (TM) is China is huge. Ford sold only 18,193 cars in the People’s Republic in February and Toyota’s total was 45,000 units.

GM’s China dominance is because it was in the market early and picked joint venture partners who have dominant positions in the market, especially SAIC,  considered by most analysts to be the most powerful local car company. As GM looks for ways to return to consistent profitability, the Chinese market may be more important than the company’s traditional strongholds in the US and Europe. GM said it would triple its planned investment in Opel to hasten the unit’s turnaround.

GM will probably have an IPO this year in the hope of paying taxpayers back some of the $50 billion that the federal government invested in the car firm. The IPO would be more appropriately listed on the Shanghai exchange than the NYSE.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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