GM said Monday it will sell its entire stake in Suzuki Motor Corp. for $230 million to raise cash. The two automakers became partners in 1981.
GM sold a 17 percent stake in Suzuki in 2006, leaving it with its current three percent stake, reports the AP and FOXNews. Suzuki said it would buy back a 3.02 percent stake from GM.
"We fully understand the necessity for GM to raise cash," Suzuki chairman and chief executive Osamu Suzuki said. Osamu said GM and Suzuki would still keep joint projects, including the development of hybrid vehicles and a joint venture for SUVs in Canada.