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GM triples China earnings to $437 mln in 2003
Mon Mar 15, 2004 02:46 PM ET

DETROIT, March 15 (Reuters) - General Motors Corp.'s (GM.N: Quote, Profile, Research) earnings from China, where the automaker has rapidly ramped up production, more than tripled last year to $437 million, GM said in a recent securities filing.
GM, the world's No. 1 automaker, also lost $74 million last year on its 44.6 percent stake in South Korean automaker GM Daewoo, the automaker said in the filing released late last week. That implies that GM Daewoo lost about $166 million last year.

GM had had not previously disclosed its earnings from China, the world's fastest-growing market for new cars and trucks, or its losses from GM Daewoo.

GM's earnings from China, which grew from $142 million in 2002, accounted for the bulk of its earnings from the Asia Pacific region, which totaled $577 million last year.

In January, GM said that it expected earnings from the Asia Pacific region to grow this year to $700 million to $800 million. GM also said it expected that higher sales volume and stronger market share in China this year would be countered by downward pressures on pricing, higher structural costs as it expands and a shift to sales of more low-margin small cars.

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