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Stellantis announces termination of jeep venture with China's GAC

Stellantis announces termination of jeep venture with China's GAC

FILE PHOTO: A view shows the logo of Stellantis at the entrance of the company's factory in Hordain, France, July 7, 2021. REUTERS/Pascal Rossignol

PARIS: Stellantis on Monday (Jul 18) 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 recognise a non-cash impairment charge of about €297 million (US$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.

 

 

Source: Reuters/zl

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