Via Financial Times:
General Motors said it was “struggling” in southeast Asia as the recent military coup in Thailand knocked sales, compounding stiff competition from Japanese rivals and local currency weakness that has hurt the profitability of imports.
The admission is a sign that fluctuations in emerging market currencies are causing the largest US carmaker by sales to rethink its strategy in a region seen by carmakers as one of the world’s most promising and increasingly benefiting from a rising middle class.
General Motors said it was “struggling” in southeast Asia as the recent military coup in Thailand knocked sales, compounding stiff competition from Japanese rivals and local currency weakness that has hurt the profitability of imports.
The admission is a sign that fluctuations in emerging market currencies are causing the largest US carmaker by sales to rethink its strategy in a region seen by carmakers as one of the world’s most promising and increasingly benefiting from a rising middle class.
“We are struggling in Asean for many reasons – mainly due to the political impact in Thailand,” said Stefan Jacoby, head of GM’s consolidated international operations, a unit that includes all of the carmaker’s businesses outside North America except China and Latin America.
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