SAIC Motor Corp is set to take control of its joint venture with General Motors, after getting the green light from the Chinese stock regulator to acquire the 1% stake it needs to hold a majority, according to local reports.

The Shanghai venture is currently 50-50 owned between General Motors and SAIC.

According to reports, the 1% is worth close to US$85m. The deal will allow SAIC to consolidate the venture’s accounts onto its balance sheet.

Earlier this year, the Chinese automaker said that its 2009 net profit was expected to surge more than tenfold after the government’s efforts to stimulate domestic consumption led to record sales.

The nation’s largest auto maker in terms of sales said it sold more than 2.7m vehicles last year, up 57.2% year on year. SAIC, which also has a joint venture with Volkswagen, said it expected a more than 900% increase in 2009 net profit but did not give exact figures in the preliminary announcement.

The company is scheduled to release its annual results in early April, according to data published by the Shanghai bourse.