Shanghai - Chinese automaker SAIC Motor and General Motors (GM) on Wednesday announced a 20-year extension of their joint venture partnership to 2047.

Both sides agreed that the renewal of the partnership is based on the foundation of nearly 30 years of successful collaboration, and both companies have cast a vote of confidence in the long-term value of the Chinese automotive market against the background of profound changes in the global automobile industry.

The shareholders of both companies will further coordinate technology research and development (R&D), supply chain and global market resources, while providing continuous support for intelligent and electric transformation, local innovation, global layout and long-term development of SAIC General Motors Corporation Limited.

The joint venture company will launch at least 30 new energy vehicle models by 2030, accelerating its entry into the ranks of mainstream new energy brands in China.

On the intelligence front, it will further pool local R&D strengths, integrate more closely with China's technology industry chain, and expedite the rollout of innovations spanning intelligent cockpits to advanced autonomous driving capabilities.

The company will also increase its investment in the overseas business of new energy vehicles. The model Buick Electra E7 will be officially exported to overseas markets in October, becoming the first high-end new energy vehicle of the Buick brand and the company to go overseas.

Industry insiders noted that SAIC General Motors Corporation Limited, as one of the most notable joint venture projects between China and the United States for decades, has been a highly representative outcome of China's reform and opening up and the modernization of its automotive industry.