General Motors to sell Taiwan venture to Yulon Motor for NT$1

General Motors Corp., the largest U.S. automaker, plans to sell its stake in a Taiwan venture to its Taiwanese partner, Yulon Motor Co. (裕隆汽車), for NT$1 (3 U.S. cents), Yulon said in a statement to the Taiwan stock exchange.

Yulon, which controls 51 percent of Yulon General Motors Co., will buy the 49 percent stake it doesn’t own, the Miaoli, Taiwan- based company said in an exchange filing.

General Motors and Yulon set up the venture in Taiwan in 2005. The venture had an initial investment of NT$2 billion and assembles Buick sedans.