Mumbai, Aug. 5 -- American auto major General Motors and Chinese automotive major SAIC Motor have extended their joint venture agreement for 20 years, completing the renewal one year ahead of schedule, as per media reports.

The agreement enables the 50-50 joint venture, SAIC-GM, to continue operations through 2047. Formed in 1997, SAIC-GM has manufactured and delivered more than 20 million vehicles in China, which serves as General Motors' second-largest market behind the United States.

Under the extended agreement, SAIC-GM plans to introduce more than 30 hybrid and electric vehicle models in China by 2030 to expand its vehicle line-up.

John Roth, General Motors Senior Vice-President and President of GM China, said the extension reflec...