Honda Motor Co. Ltd. said it will sell its 65% stake in Honda Automobile (China) Co. Ltd to Guangqi Honda Automobile Co. Ltd. for 602.1 million yuan.

Honda Automobile (China) produces sedans for the Mexican market, according to Nikkei Asian Review.

The share transfer is expected to be completed in August.

As of May 16, US$1 was equivalent to 6.37 Chinese yuan.