General Motors Co. (GM), which broke ground on a new Cadillac assembly plant in China today, forecast demand for luxury autos will grow at a slower pace than the total vehicle market this year. Sales of premium cars in China will probably increase about 4 percent this year, or about half the pace that the automaker had expected at the start of the year, Bob Socia, GM’s China head, said in a briefing in Shanghai today. The automaker has said it expects total industry sales to increase about 7 percent to 8 percent this year. Demand for luxury items from Swiss watches to sports cars have slumped since President Xi ... (full story)