General Motors has denied reports it planned to sell shares in its flagship local car making joint venture with China’s SAIC Motor to the parent SAIC.

General Motors China spokesman Henry Wong made the denial to Reuters on Friday after “sources familiar with the discussions” had told the news agency on Thursday GM held talks with SAIC Motor about selling part of its 50% stake in the joint venture, Shanghai General Motors, or other assets, to raise cash.

Shanghai GM, which makes Buick, Cadillac and Chevrolet models, is a cash cow for the Detroit automaker and one of the remaining crown jewels in its global operations, the report noted.

GM must submit a plan for its future viability to the US government by 17 February as one of the conditions of its recent $13.4bn bailout loan.