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As sales slow, global automakers reset China strategy for long haul

Lyriq
A Cadillac Lyriq concept EV, powered by GM's Ultium batteries, at the 2021 Shanghai auto show. GM has sold more than 12,000 Ultium-based EVs in China since the first model, the Lyriq, went on sale a year ago. In June, GM cut the price of the Lyriq crossover by 14 percent in China. (BLOOMBERG)
ZY
By:
ZHANG YAN
BG
By:
BRENDA GOH
R
By:
Reuters
|
July 28, 2023 01:12 PM

SHANGHAI — For foreign automakers in China, it is time to double down on a turnaround or cut losses after ceding their leadership of the world's biggest auto market to local, upstart brands.

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