General Motors signed a joint venture agreement with Shanghai Automotive Industry Corp (SAIC) for a car factory in Shenyang, Liaoning province. Shanghai GM, the GM-SAIC joint venture, will purchase a 25% share in Jinbei GM, in which it is a 50% shareholder, from four shareholding Chinese firms for transfer to partner SAIC. Financial terms were not disclosed. The deal will give SAIC and GM added access to the northeast China market. The new JV will raise the factory's annual production capacity to 30,000 vehicles.