Former General Motors Chairman Bill Emmett and current CEO Mary Barra announced Thursday that they would be selling the company’s stake in the Detroit automaker to a consortium led by Chinese conglomerate Geely.
It’s the first time that Geely has entered a major U.S. automaker since its acquisition of General Motors in 2009.
The deal includes the GM brand name, as well as its flagship Detroit Grand Caravan SUV, and Emmetts will remain CEO.
“The sale will accelerate the transition to a completely new ownership structure and accelerate GM’s transformation into a world-class manufacturing company,” Emmets statement said.
“It will be an honor to work with Mary Barras, John D. Power and other key GM executives as we build a new chapter in GM’s history.
We look forward to working together to realize this important and long-term vision.”
The sale of GM’s stake comes amid reports that Chinese state-owned Geely is pursuing a bid for GM.
In a letter to employees on Wednesday, Barra said the company was looking for a buyer.
Barra also said that the company would continue to invest in its manufacturing plants in Michigan.
The move is likely to raise eyebrows in Michigan, which is home to a large Chinese community and where GM is one of the nation’s largest employers.
The announcement came as China has been trying to assert control over a key transportation sector in the United States.
A federal judge in Michigan blocked the Trump administration from enforcing President Donald Trump’s immigration order that barred people from seven predominantly Muslim countries from entering the United State for at least 90 days.