GM to Sell 3% Suzuki Stake for $230 Million

TOKYO (AP) -- Suzuki Motor says General Motors (GM Quote) will sell its stake in the Japanese automaker for 22.37 billion yen, or $230 million, to raise cash.

Suzuki said Monday it would buy back the entire 3.02% stake from GM.

GM, Ford(F Quote) and Chrysler are seeking $25 billion from the U.S. government to get them through the economic crisis and the worst sales slump in more than 25 years.

The GM-Suzuki partnership dates back to 1981. But those ties have loosened recently after GM sold 17% of Suzuki in 2006, leaving it with a 3% stake.