After 21 years selling vehicles in the country, US-based automaker Chevrolet has decided it’s time to leave China. Apparently, sales have dropped so much and the brand has gotten so uncompetitive there that Chevrolet has decided it’s time to go. Keep in mind that the plugin vehicle market in China has risen to 63% of the country’s auto sales, while the share of Chevrolet sales that are electric is very, very small. At its peak, Chevrolet sold 760,000 sales a year in China, eventually reaching 7.5 million sales to Chinese buyers. Funny enough, Chevrolet will continue building cars in China. However, the will be sold in markets other than China and the United States. The company is now targeting growth in those export sales. “The decision aligns with a broader long-term commitment between GM and SAIC Motor. The two companies recently signed a strategic renewal agreement, extending the SAIC-GM joint venture for another 20 years, until 2047,” Car News China shares. “This marks one of the longest renewal terms among major joint ventures in the region. Furthermore, the partners announced plans to launch at least 30 new energy vehicle (NEV) models by 2030, with a primary focus on the electrification of the Cadillac and Buick brands.” So, there’s that.
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