08:08:26 EDT Tue 21 May 2024
Enter Symbol
or Name
USA
CA



Tesla Inc CDRs (CAD Hedged)
Symbol TSLA
Shares Issued 21,950,000
Close 2024-04-23 C$ 13.34
Market Cap C$ 292,813,000
Recent Sedar Documents

Globe/wire say Tesla rival GM struggling in China

2024-04-24 08:27 ET - In the News

The Globe and Mail reports in its Wednesday edition that General Motors is struggling in China, which was previously the automaker's largest market. A Reuters dispatch to The Globe says Chinese automakers and Tesla have gobbled up market share in the region, aided by deep price cuts. GM lost $106-million (U.S.) in China in the first quarter, which chief financial officer Paul Jacobson said during the company's conference call Tuesday was less than expected, as it worked through inventory. Mr. Jacobson said the company expects a profit in China for the second quarter and the year. Asked if GM would close or sell its business there, chief executive officer Mary Barra said GM was committed long term to the world's largest auto market. "There's a place for GM to play and grow share," she said of China. The carmaker and its crosstown rival Ford Motor are counting on profits from gas-engine trucks to ease investors' concerns as they continue to funnel cash into costly electric-vehicle development. GM said it gained more than three points of market share in full-size pickup trucks in the quarter. GM has not broken out financial results for its EV business, but Mr. Jacobson expressed confidence in it turning a profit.

© 2024 Canjex Publishing Ltd. All rights reserved.