Shanghai Automotive Industry Corp.'s board has approved selling back to General Motors Co. (GM) 1 percent stake in their joint venture for $91.4 million, according to several media reports. Shanghai Automotive bought the stake from General Motors in 2009 for $85 million.
The agreement still requires Chinese government approval.
The two companies said in April they were close to a deal, where the joint company, Shanghai General Motors would first be split into two: sales arm and operational arm.
Both companies would hold equal stakes in the operations arm, while Shanghai Automotive Industry retains a 51 percent majority in the sales arm.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.