By Paul W.S. HarrisThe Wall Street JournalNovember 10, 2018It’s not the first time GM has made a major investment in a Canadian auto market.
The automaker invested $1.5 billion in the North American market in 2018, and another $1 billion last year.
But the company lost $2.3 million in 2018 on the Bolt, according to the company’s latest annual report.
The Madison, Ont., dealership sold nearly 1,000 vehicles in 2018 for an average of $2,500 each.
That number would have been enough to cover the automaker’s 2017 losses, which were $1 million or more.GM said the loss was caused by the company using a discounting strategy to sell the car at a discount and a lower price than the advertised value.
GM says the discounting process was a cost-saving measure.
The company said the company will continue to use discounts to help customers save money and maintain a competitive position in the Canadian auto industry.
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