GM hits new global sales record on growth outside US

General Motors Corp. hit a new global sales record in the third quarter as growth abroad compensated for weakness in its home market, the automaker said Thursday.

Preliminary quarterly sales rose four percent to 2.38 million vehicles while global sales for the first nine months of the year rose two percent to 7.06 million vehicles, GM said.

"GM's record third quarter sales were driven by exceptionally strong demand in emerging markets and our improving competitiveness in developed markets," said John Middlebrook, GM vice president of global sales, service and marketing operations.

"We're on track to have our second-best annual sales performance in our almost 100-year history."

The automaker has now record 21 straight quarters of year-over-year sales increases outside the United States.

At 1.34 million vehicles, sales outside of the United States accounted for about 56 percent of GM's total global sales. GM said this region grew by 14 percent, outpacing the industry average growth rate of 10 percent.

North American sales slipped six percent to 1.2 million vehicles as a result of "planned reductions in daily rental sales and softness in the US market due to increasing fuel prices and concerns about housing," GM said.

Sales in the Asia-Pacific region rose 16 percent to a record 327,500 vehicles in the third quarter and more than 14 percent to 1.05 million vehicles for the first nine months of the year.

GM said it was "on pace to become the first group to sell one million vehicles a year in China" as quarterly sales there rose 21 percent to 230,000 vehicles.

The company reported record sales in the Latin America, Africa and Middle East region, up almost 22 percent to 329,400 vehicles in the third quarter and up nearly 20 percent to 893,800 vehicles for the first nine months of the year.

Sales in Europe also hit new records with quarterly deliveries of 523,600 vehicles, up 15 percent, and year-to-date sales up more than eight percent to 1.65 million vehicles.

Growth in Russia led the increase with a record 65,700 vehicles sold, up 75 percent and GM said it was on pace to sell more than 200,000 vehicles in Russia this year.