Reuters
Stellantis, China’s GAC to terminate loss-making joint venture
PARIS (Reuters) -Stellantis and Guangzhou Automobile Group will end their loss-making joint venture producing Jeep vehicles in China, the carmakers said on Monday, only four months after the European carmaker said it would raise its stake in the business. The U-turn comes after GAC reprimanded the world’s No.4 carmaker in January for announcing plans to raise its stake to 75% from 50%, stating the two parties had not yet signed a formal agreement. “We came to the conclusion that it was better to close the joint venture,” said a Stellantis spokesperson, adding that the carmaker could still operate in China through its dealer network.