SAIC Motor Co Ltd<600104>, China's No.1 auto maker, said on Monday that it had obtained approval from the country's securities regulator to buy another 1% stake in its joint venture with U.S.-based General Motors Corp, Reuters reported.

Upon completion of the stake purchase, SAIC's shareholding in Shanghai General Motors Corp will be increased to 51% from 50%, while GM will hold 49% of the Shanghai JV.

In December, GM said it planned to sell a 1% stake in Shanghai GM to its Chinese partner. In return, the two parties will team up to tap India and other emerging markets.

SAIC is the Shanghai-listed unit of Shanghai Automotive Industry Corp. The auto maker sold 307,384 vehicles in January, 89.8% more than it sold last January.

Sales at Shanghai GM more than doubled to 90,202 units in January.

GM and its China joint ventures sold a total of 219,192 cars last month, representing a year-on-year growth of 97%.