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General Motors to sell 49 stake in Taiwanese JV to Yulon
Date:2008-12-31
General Motors will sell its 49% stake in Taiwanese JV Yulon General Motors to partner Yulon Motor for a symbolic TWD1.
Currently, Yulon Motor owns a 51% stake in the joint venture with General Motors. Yulon General Motors, which was established in 2005, had an initial investment of TWD2 billion and assembles Buick sedans.
Dow Jones has quoted F Pan, chief executive of Yulon General Motors, as saying: "Yulon General Motors needs a fund injection to cover losses and develop business, and General Motors has cash flow problems, so they said they don't plan to inject funds."
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