SAIC and General Motors Extend Joint Venture to 2047
SAIC Motor and General Motors have extended their joint venture agreement by 20 years, through 2047. The renewed contract was signed in Shanghai.
Chinese automaker SAIC Motor and American manufacturer General Motors have signed an agreement extending their joint venture, SAIC-GM, by 20 years until 2047. The contract was finalized in Shanghai on August 5.
The companies stated the extension reflects confidence in the long-term value of the Chinese auto market and SAIC-GM's adaptability amidst significant industry transformation. The partnership has been successful for nearly three decades.
SAIC-GM was established on June 12, 1997, and produces vehicles under brands including Buick, Chevrolet, and Cadillac. The venture offers a range of vehicles from luxury to economy segments.
As the global automotive industry undergoes profound changes, this agreement ensures SAIC-GM's continued operation and its role in the Chinese market for the foreseeable future.