GM Chairman Rick Wagoner said on Monday that its joint ventures with Fiat were running better than expected and the two companies were looking for other areas to cooperate, according to a Reuters report.

Wagoner said the savings from the joint ventures with Fiat were "running well in excess of our initial forecasts," even though both GM and Fiat are selling fewer vehicles using parts from the ventures than they had planned, Reuters reported.

The two companies also have joint ventures in procurement and powertrains that both say are producing big savings.

According to the Reuters report Wagoner also said Fiat and GM would continue to explore other areas where they could cooperate such as sharing platforms or the basic group of parts needed for building a range of cars.