Written by Cláudio Afonso | [email protected] | LinkedIn | Twitter
The automaker Stellantis said Monday is working “in an orderly termination” of the 12-years joint venture with GAC Group. The automaker added that plans to focus “on distributing imported vehicles for the Jeep brand in China” implementing an asset-light approach.
The automaker that includes brands like Chrysler, Jeep, Maserati and Opel will recognize a non-cash impairment charge of around $301 million in its first half of 2022 results after the termination of the joint venture.
Stellantis said the termination is due to “a lack of progress in the previously announced plan for Stellantis to take a majority share of the GAC-Stellantis joint venture”, adding that 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”.
Written by Cláudio Afonso | [email protected] | LinkedIn | Twitter
