On December 5th, General Motors China issued a statement regarding rumors of General Motors' plan to restructure its China business: China's business is a high-quality asset for our present and future. Our cooperation and communication with our joint venture partner SAIC Group are closer than ever to achieve profitability and sustainable development. To achieve long-term development goals, we are taking measures to reduce inventory, produce on demand, protect the pricing system, and lower fixed costs.
General Motors China stated that based on relevant effective measures, sales and market share have achieved sustained growth. In the third quarter of 2024, General Motors achieved quarter on quarter growth in both sales and market share in China, with new energy vehicle sales, including pure electric and plug-in hybrid, surpassing gasoline vehicles for the first time. In November, we achieved a month on month increase in sales for the fifth consecutive month. Since the beginning of 2024, dealer inventory has decreased by over 50%, helping the company better manage pricing and cost systems.