SHANGHAI/HONG KONG (Reuters) -- General Motors Co. will sell a 1 percent stake in its China car venture to partner SAIC Motor Corp. for $85 million, Nick Reilly, GM's executive vice president and president of GM International Operations, said on Friday.
GM and SAIC's new India venture will focus on the India market first, but is also interested in Southeast Asia, he said.
SAIC and GM announced Friday they have formed a new 50-50 joint venture investment company, General Motors SAIC Investment Limited. The Hong Kong-based company will oversee the partners' expansion.
“Both companies felt this was the proper time to deepen cooperation beyond China’s borders in order to enhance our partnership as part of our individual companies’ long-term growth strategies,” Nick Reilly, GM executive vice president and president of GM international operations, said in a statement.