All articles tagged with #china business
Starbucks has denied reports of considering a full sale of its China operations, despite ongoing challenges from local competitors like Luckin Coffee and a slow economic recovery. The company is exploring strategic options to strengthen its position, including marketing initiatives and potential partnerships, amid flat sales and increased local competition.
General Motors (GM) reported strong Q1 earnings, with revenue of $40.0 billion and adjusted EPS of $2.21, beating estimates. The automaker also raised its full-year 2023 guidance, projecting EBIT-adjusted earnings of $11.0 billion-$13.0 billion and adjusted EPS in a range of $6.35-$7.35. GM reported record electric vehicle deliveries of 20,670, and updated its EV rollout plans for 2023. However, GM's China business saw net revenue and wholesale deliveries fall considerably quarter over quarter and year over year. GM also announced plans to invest more than $3 billion in a battery plant with partner Samsung SDI.