By Redação AutoIndústria | Trabslated by Jorge Meditsch
Stellantis and the Guangzhou Automobile Group announced this Monday, 10/31, the approval of a resolution authorizing the joint venture GAC-FCA to file for bankruptcy. The company manufactured and distributed Jeep models in China, the world’s largest automotive market, and was accumulating negative commercial and financial results over the last few years.
On a note, Stellantis says it “fully impaired the value of its investment in the GAC-FCA JV and other related assets in its first half 2022 financial results. Stellantis will continue providing quality services to existing and future Jeep brand customers in China”.
After manifesting its intention to expand its participation in the GAC-FCA in July, the fourth-largest automotive group in the world decided to end the partnership created 12 years ago.
“Due to the lack of progress of the plan previously announced for Stellantis to acquire a major share of the GAC-Stellantis joint venture, Stellantis N.V. announced today its plan to focus on imported Jeep vehicles distribution in China”, informed the company, which produced in China the models Cherokee and Compass.
Importing vehicles can be Stellantis’ strategy also for other group brands in China. Carlos Tavares, Stellantis’ CEO, has already admitted studies about it for Peugeot and Citroën.
