Stellantis NV announced Monday that it is terminating its joint venture with Chinese carmaker GAC "due to a lack of progress."
"Stellantis intends to cooperate with GAC Group in an orderly termination of the joint venture formed in March 2010, which has been loss-making in recent years, and will recognize a non-cash impairment charge of approximately €297 million in its first half 2022 results," reads the statement published by the company.
According to the automaker, the Jeep brand will further boost its offering in China with an improved range of imported electrified vehicles aimed at exceeding the expectations of Chinese customers.
