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China is the world's largest auto market. And while domestic sales have been suffering in recent months, foreign brands like GM have seen growth.
Two years ago U.S. automaker General Motors was on the verge of bankruptcy. But after a U.S. government bailout worth $50 billion, the company was back on its feet. Now, GM is reporting not only growth in the US, but also in China.
GM reported that its ventures in China saw a 5.3 percent rise in sales in the first half of this year—selling a record 1.27 million vehicles. In a statement released Tuesday, GM said, "Domestic demand for the Buick, Chevrolet and Cadillac brands hit new June highs."
In 2009, China surpassed the U.S. as the world's largest auto market, thanks in part to a number of government incentives like tax breaks for small-engine vehicles. These incentives, though, expired earlier this year. This—combined with rising fuel costs and traffic restrictions—has curbed the market in recent months.
China's domestic automakers have suffered the most, while foreign brands—like GM—have been gaining a bigger portion of the market share.