General Motors and Chinese company SAIC Motor announced a 20-year extension of their joint venture partnership to 2047. The renewed contract marks a new chapter for SAIC-GM, which has had a presence in China’s automotive industry since 1997.
“We are committed to strong performance in the China market and we see meaningful opportunities to compete in select international markets: the Middle East, Africa, South America, Mexico and Asia-Pacific,” GM Senior Vice President and President of GM China John Roth said.
As China’s auto market accelerates towards electrified intelligent vehicles, SAIC-GM plans to launch at least 30 new energy vehicles (NEVs) by 2030 and deploy more technology solutions for the Chinese market. The development will sharpen the joint venture's focus on the Buick and Cadillac brands in China.
Within a year of launch, the growing Buick ELECTRA lineup has expanded across sedan, SUV and MPV segments, offering choices of battery electric vehicle, plug-in hybrid vehicles and extended range electric vehicles. The E7 model reportedly delivered over 10,000 units in its first month on the market.
SAIC-GM also plans to target global markets, with the E7 set to become its first premium NEV model to go overseas in October.
