SAIC and GM, the largest carmakers in China and the United States, respectively, in terms of sales volume, signed the agreement on Wednesday, building on a partnership that began in 1995 and led to the SAIC-GM joint venture in 1997.
Wang Xiaoqiu, chairman of state-owned SAIC, said both sides should leverage their strengths in technology, branding, global distribution and local resources, opening new avenues for development with a global perspective.
The renewal comes as sales from SAIC-GM and affiliates slumped from a peak of more than 4 million vehicles in 2017 to about 2.17 million units last year, according to data from SAIC. GM’s global car sales also shrank sharply to about 6.2 million units last year from over 10 million units in 2016.
Even if Chinese cars cannot enter the American market, the Chinese market is large enough that Chinese and US carmakers can continue to cooperate amicably