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General Motors (GM) is halting the export of some U.S. vehicles to China.
The Detroit-based automaker had been doing so through the Durant Guild, a “lifestyle platform” that the Detroit-based automaker created in 2022 to make certain U.S. vehicles available in the country.
Employees and dealers for its China export business received notification about its move to stop shipping vehicles to China from the United States late last week, Reuters reported.
The General Motors logo is seen displayed on a smartphone and a PC screen. (Pavlo Gonchar/SOPA Images/LightRocket via Getty Images / Getty Images)
“The Durant Guild is GM’s premium import platform to bring iconic products, which represent less than 0.1% of the volume we sell in China,” GM told FOX Business.
The automaker said it has “decided to restructure the Durant Guild and correspondingly optimize GM China’s operations” because of “significant changes to economic conditions.”
Goods imported into China from the United States faced tariffs of more than 100% before the two countries agreed to lower the levies for 90 days.
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The Durant Guild introduced two models – the Chevrolet Tahoe and GMC Yukon – to the market last year, with deliveries of the former having begun in March, according to press releases from the automaker.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 50.03 | -0.34 | -0.68% |
GM told FOX Business it was “committed to continued development in China market and driving success of the joint ventures with our partners.”
“To keep the business sustainable, we must stay focused on strong execution, business agility and customer choices,” the automaker added.
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In China, the company and its joint ventures notched over 443,000 vehicle deliveries during the first quarter. It had more than 1.8 million deliveries in the country over the course of last year.
General Motors will is halting the export of some U.S. vehicles to China. (Mario Tama/Getty Images / Getty Images)
GM delivered over 1.4 million vehicles globally in the first quarter, including 693,000 in the U.S.
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During the three-month period, it generated $44 billion in total revenue. Its net income, meanwhile, came in at $2.8 billion.
Reuters contributed to this report.
