SHANGHAI (Reuters) - General Motors Co will make a major announcement on Friday on its relationship with its Chinese partner after news it was near a deal to sell majority control of its China venture to SAIC Motor Corp.
GM said it would hold a media briefing at 0900 GMT on “some important GM news,” which a GM spokeswoman said would relate to SAIC, although she declined to give further details.
Sources with knowledge of the situation said on Thursday that GM was soon expected to announce a deal to sell 1 percent of its 50-50 China joint venture to SAIC, China’s biggest automaker, and to transfer half of GM’s India operations to the Chinese company.
The deals would give GM an infusion of cash as it restructures after emerging from bankruptcy in July, while reshaping its profile in two of the world’s fastest growing auto markets.
GM said the media briefing would be hosted by Nick Reilly, GM executive vice president and president of GM International Operations.
Reporting by Fang Yan Edmund Klamann; Editing by Jacqueline Wong