The two auto giants will also increase the role of their joint engineering and design group, the Pan Asia Technical Automotive Center, to work on future vehicles and powertrains.
"It represents an extension of SAIC and GM's plans to build a closer strategic alliance," the statement noted.
The core of the cooperation is to jointly develop more new energy vehicles and components.
SAIC and GM also expect to share vehicle architectures and powertrain applications to help reduce development costs and improve energy efficiency, it said.
In the first 10 months of 2010, SAIC GM, the two auto manufacturers' passenger car venture, sold more than 840,000 vehicles in China.