- The joint venture between automobile companies Stellantis NV STLA and Guangzhou Automobile Group Co (GAC) in China is expected to file for bankruptcy.
- The shareholders of the GAC-FCA Joint Venture have approved a resolution authorizing the JV to file for bankruptcy in the wake of making a loss.
- Stellantis fully impaired the value of its investment in the GAC-FCA JV and other related assets in its first half 2022 financial results.
- The JV has been producing Jeep vehicles in China.
- Stellantis plans to continue providing services to existing and future Jeep brand customers in China.
- Also Read: This 12-Time NBA All-Star Is Making Autoparts With Plants, Predicts 'All Plastics Will Be Made From Cannabis'
- Price Action: STLA shares are trading lower by 0.81% at $13.46 in premarket on the last check Monday.
- Photo Via Company
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