According to CoinMeta, General Motors and China's SAIC Group announced an extension of their joint venture agreement by 20 years, despite the escalating geopolitical tensions between the United States and China. The extended joint venture agreement was initially signed in 1997 for a period of 30 years and will now last until 2047. General Motors stated that this agreement will focus on the sales of Buick and Cadillac models in the Chinese market, as well as the export of Chevrolet models produced in China to non-U.S. markets. John Ross, President of General Motors China, said that the company is committed to performing strongly in the Chinese market and sees significant opportunities for competition in international markets such as the Middle East, Africa, South America, Mexico, and the Asia-Pacific region. Since its establishment, the joint venture has produced and delivered over 20 million vehicles.