GM Renews China Joint Venture with SAIC for 20 Years after Restructuring

General Motors said on Tuesday it had renewed its joint-venture agreement with China's SAIC Motor for 20 years after a lengthy restructuring in the Chinese market that included plant closures and the elimination of some models. The extended 50-50 joint venture between the automakers will result in more vehicle-development work being done in the world's largest auto market to appeal to local tastes. According to Reuters, GM said the company would focus on its Cadillac and Buick brands in China, where it would discontinue sales of its Chevrolet brand.