Despite increasing competition in the Chinese automotive market, General Motors and SAIC Motor announced the extension of their joint venture agreement for another 20 years. The partnership, which began in 1997, will now continue until at least 2047.

GM believes that the new agreement will accelerate the company's technological development, strengthen its position in the world's largest automotive market, and ensure long-term business profitability.

Concurrently, the partners presented plans for model range development. By 2030, the SAIC-GM joint venture intends to launch at least 30 new vehicles with electrified powertrains. The company also stated that it would more actively use technologies developed directly in China for vehicles intended for local buyers.

Special attention will be paid to the Buick and Cadillac brands. One of the key projects is the Buick Electra electric family. According to the companies, the new Buick Electra E7 crossover sold over 10,000 units in its first month after sales began. The model is planned for release in selected overseas markets in the autumn.

GM China President Julian Blissett noted that both parties see good prospects not only in China but also in international markets. Priority areas include the Middle East, Africa, South America, Mexico, and the Asia-Pacific region.