A Strategic cooperation frame agreement was signed between SAIC Motor Corp and GAC Group in Shanghai on Dec 23.

SAIC and GAC are both Fortune Global 500 companies and among the top five best-selling automotive conglomerates in China. They propose to seize the strategic opportunity in the transformation of the automotive industry and explore cooperation in multiple business areas in the near future.

In terms of joint development of core technologies, SAIC and GAC will look into joint investment and development of strategic core technologies and platforms in such areas as new energy and intelligent systems as well as network-based and lightweight technologies.

Regarding sharing of industrial chain resources, the two sides will target production and manufacturing.