General Motors (NYSE:GM) – GM Tries To Regain China Drive By Aiming At Super-Rich: Here's What It's All About

General Motors Company GM is reportedly planning to woo the urban rich in China through a new direct sales platform that will offer niche, luxury imports and experiences as the American automaker tries to regain momentum in the world’s biggest car market.

What Happened: GM is planning to launch a platform called Durant Guild to host invitation-only events to showcase possible products, open “experience centers” in urban hubs and potentially stage pop-ups at selected sites, Reuters reported, citing company executives.

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Julian Blissett, GM’s China head, told Reuters, “Durant Guild is not a volume play, but if we do a good job and the products sell well, it will create a lot of buzz around Cadillac and Chevy and will help how people perceive our products and technology.”

Why It Matters: In China, sales of GM’s flagship BuickCadillac and Chevrolet brands have fallen by a third over the past five years to 1.3 million cars a year as consumers have taken to home-grown EVs such as XPeng Inc XPEVNio Inc NIO and BYD BYDDY BYDDF, reported Reuters.

“There’s a lot more appetite to take more off-road types of vehicles to explore nature, and that wasn’t a trend five, 10 years ago,” Blissett was quoted as saying.

Events: Durant Guild, named after GM’s founder William Durant, will be wholly owned and operated by GM. The platform will launch officially as soon as this month, the report said, with GM hosting a series of invitation-only events.

A GM spokesperson did not immediately respond to Benzinga’s request for comment.

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Image and article originally from www.benzinga.com. Read the original article here.