PARIS, July 18 — US-European carmaker Stellantis said today it was ending production in China of its Jeep SUV after failing to acquire a majority stake in its joint venture with local firm GAC.
“Stellantis intends to cooperate with GAC Group in an orderly termination of the joint venture formed in March 2010, which has been loss-making in recent years,” the group said. The decision to wave goodbye to GAC would show up as “a non-cash impairment charge of approximately €297 million in its first-half 2022 results”, due out on July 28.
The group — which also includes the Peugeot, Alfa Romeo and Citroen brands — had hoped to increase its stake in China Guangzhou Automobile Group to 50-75 per cent.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: malaymail - 🏆 1. / 86 Read more »