- Change possible thanks to new regulatory framework allowing additional foreign investment in existing JVs, starting from January 2022
- Stellantis and GAC Group will continue cooperating to develop the Jeep® Brand’s successful business potential in China
- First key step to rationalize China operations, as part of the Company’s strategic plan to be announced on March 1
(PRESS RELEASE) AMSTERDAM, 27-Jan-2022 — /EuropaWire/ — Stellantis N.V. (STLA:EN), a leading multinational automaker and provider of innovative mobility solutions formed in 2021 by the merger of Fiat Chrysler and PSA Group, has announced a plan to increase its shareholding in the GAC-Stellantis joint venture with GAC Group in China from 50% to 75%. The move is possible due to new regulatory framework changes that allow additional foreign investment in existing joint ventures in China, starting from January 2022. GAC Group and Stellantis have agreed to collaboratively complete the relevant formalities of the deal, which remains subject to the approval of the Chinese government.
GAC-Stellantis is a joint venture formed between China Guangzhou Automobile Group Co., Ltd. (GAC Group) and Stellantis in March 2010.
In September 2021, Stellantis announced that it would create a simplified operating organization “Stellantis Jeep” to develop the brand in China. The JV is now fit to support the efficiency of this integrated “One Jeep” strategy in China, focused on the Changsha manufacturing plant, which is currently preparing to launch the Compass model. GAC Group and Stellantis will continue collaborating closely with each other to grow the brand’s profitable business in China.
Additional details on Stellantis’ plan for the Chinese market will be announced within the global strategic plan on March 1, 2022.
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SOURCE: Stellantis NV