GM Continues To Reduce It Global Footprint: Is It Giving Up On Worldwide Sales?

General Motors (GM) is slowly moving away from global vehicle sales as it pulls out of key markets that it once looked to for growth.

GM, once the top automaker in the world, is seeing itself slide into the No. 5 spot, behind Volkswagen, Toyota, and the soon-to-merge Fiat Chrysler and PSA in global sales, but the company is not looking to hang on too tight to its market share in these regions, CNBC reported.

GM has pulled out of a number of markets over the years, including Western Europe, India, and Russia, at the direction of CEO Mary Barra. In 2017, Barra announced plans to stop sales in South Africa and India, which at the time, she said, “we are transforming our business (to become) a more focused and disciplined company.”

She added, “Globally, we are now in the right markets to drive profitability, strengthen our business performance and capitalize on growth opportunities for the long term. We will continue to optimize our operations market by market to further improve our competitiveness and cost base.”

GM lost its foothold as the world’s top automaker after filing bankruptcy in 2009. The company emerged from Chapter 11, letting its Hummer, Pontiac, Saab, and Saturn brands go along the way. In its prime, GM hit global sales volumes of 10.01 million, which declined to 8.38 million two years later, according to the news outlet.

The automaker reportedly may have more plans to further reduce its global presence, which could include parts of Latin America.

Shares of GM stock were up 1.29% as of 2:49 p.m. EST on Monday.