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Shareholders of Stellantis, the loss-making joint venture that makes Jeep vehicles in China, have approved filing for bankruptcy.
The European carmaker said in a statement that it fully amortized the value of its investment in its 2022 half-year results and will continue to serve existing and future customers of the Jeep brand in China.
Stellantis ended its partnership with Guangzhou Automobile Group Co. (GAC) in July, months after it said it would increase its stake in the business from 50% to 75%.
In the days that followed, GAC blasted Stellantis, saying it was “shocked” by critical comments from Stellantis about the end of their joint venture in China.
When reporting the financial results in July, Stellants CEO Carlos Tavares said that in the last five years, the “political influence” of doing business with partners in China has been increasing. He also added that the company’s decision to end its partnership with GAC did not have a major long-term impact.
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