cnbc_topnews

GM, Chinese automaker extend joint venture for 20 years despite geopolitical tensions with U.S.

📰 source: cnbc_topnews · 💼 business

general motors and china's saic motor extended their decadeslong joint venture for another 20 years, keeping it alive to 2047. the deal was set to expire next year. gm declined to share financial details, and the news comes as the u.s. and china face heightened geopolitical tensions, including a potential stateside ban on chinese vehicles.

the 50-50 venture, established in 1997, has produced and delivered more than 20 million vehicles. gm will focus on domestic sales of buick and cadillac in china, and export chevrolet models built there to markets like the middle east, africa, south america, mexico and asia-pacific. gm china president john roth said the company sees 'meaningful opportunities to compete' in those markets.

gm's china earnings dropped from about $2 billion annually in 2018 to losses in 2024 and 2025, after restructuring charges of $1.1 billion last year. the automaker reported $248 million in equity income from the region in the first half of this year.

why it matters: gm extends china partnership despite trade war fears, betting on exports to offset three years of losses in the country.

source: cnbc_topnews
sentiment: +0.20 · impact: 0.40

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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects