Emerging market currencies are likely to remain weak for the long term, and that's spurring a strategy shift, General Motors said.
"We believe that this will last for at least for the next 10-15 years," said Stefan Jacoby, president of GM International, which is responsible for markets in Africa, Australia, India, the Middle East, Southeast Asia and South Korea. With the exception of the Middle East, most of those markets currently aren't profitable for GM.
It's an issue that came to the fore in Thailand, a primary manufacturing hub in Southeast Asia, as well as by far the company's largest auto market in the region. The company sold around 56,000 units in Thailand last year, dwarfing the around 15,000 it sold in Indonesia, the second largest Southeast Asian market.