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China is crazy about cars, and world automakers are matching that passion as they look to the market here for growth missing elsewhere.
General Motors Corp. drove home that message with a lavish preview of its offerings for Shanghai's 2005 auto show, which opens to the public on Friday. Strobe lights flashed, drummers pounded and the Shanghai Symphony Orchestra accompanied as the world's biggest automaker rolled out its offerings at a cavernous Shanghai shopping mall.
Yet the extravaganza was overshadowed just hours later Tuesday by news of GM's biggest quarterly loss since 1992 - $1.1 billion from January to March - amid rising health costs and lagging U.S. sales.
"The China market is vital to us," said Bob Lutz, GM vice chairman for global product development. "The importance of this market extends beyond our bottom line and beyond China."
The same is true for all the big automakers here, wooing Chinese customers with dozens of models, many new to this market and some due to be made in China. Next
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