General Motors has confirmed plans for the potential sale of a majority stake in General Motors Acceptance Corp, its financial subsidiary. The disposal, which could fetch around $10bn (€8.3bn), is part of a wide-ranging turnaround effort at the US carmaker, which has $285bn of debt.

HSBC, JP Morgan and Bank of America are among potential suitors for the stake, which the carmaker is considering selling in an effort to regain an investment grade rating and access to cheaper debt financing for General Motors Acceptance Corp.