General Motors and SAIC Motor extended their joint venture agreement on Wednesday for another 20 years, one year ahead of schedule.
The renewed agreement will allow the 50-50 joint venture SAIC-GM to continue operations through 2047, showing GM's confidence in China, the world's largest auto market and the automaker's second-largest market after the United States.
First established in 1997, SAIC-GM has manufactured and delivered more than 20 million vehicles in China.
John Roth, GM senior vice-president and president of GM China, said the extension reflects both sides' confidence in the long-term potential of the partnership.
The joint venture plans to launch more than 30 new hybrid and electric vehicle models in China by 2030 as it accelerates its electrification strategy.
