Shanghai General Motors Company Limited (Shanghai GM; : ) is a joint venture between General Motors and Shanghai Automotive Industry Corporation (SAIC). Shanghai GM manufactures and sells automobiles in mainland China. The company manufactures and sells Chevrolet, Buick, and Cadillac vehicles. Shanghai GM was founded on June 12, 1997 with 50% investment each from Shanghai Automotive Industry Corporation and General Motors. In 2003, the PRC became the second largest single market for General Motors, and GM Shanghai had a 13% market share in mainland China, second only to Volkswagen Group China among foreign carmakers. However, sales dropped for 2004 with the retirement of the Buick Sail. Its replacement, the Chevrolet Sail, was delayed to February, 2005, leaving Shanghai GM in seventh place.