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Foreign automakers, whose sales have tended to perform better than their domestic competitors, are also feeling the pinch. General Motors Co. and its joint ventures reported selling 246,654 vehicles in January, down 8 percent from a year earlier, though up 25 percent from the month before. Ford said it sold 30,976 vehicles in January, down 42 percent from the 53,340 sold in January 2011. Both domestic and foreign automakers are continuing to build capacity in China, anticipating strong future sales in this market of 1.35 billion people, where few still own their own cars. Increasingly, the industry is using factories in China as bases for exports. Although weakness in overseas markets has caused China's overall exports to slow, vehicle sales overseas have surged. China exported 849,500 fully assembled vehicles in January, up 50 percent from a year earlier. Export sales jumped 57 percent to $10.95 billion
-- a monthly record, CAAM reported.
[Associated
Press;
Copyright 2012 The Associated
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