Chinese companies flush with government investments and subsidies have leapfrogged the competition in electric vehicle technology and software. U.S. automaker sales have fallen dramatically since their peak a few years ago.
Equity income from the country — GM's metric for how much it earns in its second-largest market — fell 34% for the year to $446 million, including a 54% year-over-year decline during the fourth quarter alone.Chinese automakers learned a lot from the foreign carmakers that were required by a longtime law to partner with them in order to operate in the region. Later, those successful Chinese companies bought foreign brands, including British brands MG and Lotus, and Volvo of Sweden.
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