Stellantis announces termination of jeep venture with China’s GAC
PARIS — Stellantis on Monday announced the “orderly termination” of its joint venture with Chinese partner GAC, which has been producing Jeep vehicles since 2010, but has been making losses in recent years.
Stellantis will recognize a non-cash impairment charge of approximately 297 million euros ($299.5 million) for its first half 2022 results, said the carmaker.
“The Jeep brand will continue to strengthen its product offering in China with an enhanced electrified line-up of imported vehicles meant to exceed Chinese customer expectations,” Stellantis added.
($1 = 0.9918 euros) (Reporting by Tassilo Hummel; Editing by Sudip Kar-Gupta)