General Motors (GM) is in talks with its joint venture partner SAIC Motor Corp about selling part of its stake in their joint venture or other assets as GM tries to raise cash, Reuters reported. The 50-50 joint venture produces Buick, Cadillac and Chevrolet models in China. Sources close to the automaker said such a sale would make GM a minority partner in Shanghai General Motors Ltd, a venture considered by many observers to be one of the few "crown jewels" in the company’s global operations. The discussions with SAIC Motor are taking place as GM pushes to secure big concessions from its bondholders and major union to show it can become viable under a $13.4 billion US government bailout. GM must submit its restructuring plan to the US government by next Tuesday
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