Stellantis NV announced on Thursday it is planning to expand its shareholding in the joint venture it created with Guangzhou Automobile Group Co., Ltd. (GAC) from 50% to 75%.
"The announcement is a key element of Stellantis' plan to set a new basis for its business in China. 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," the company said in a written statement, adding that it will reveal additional details of its plan for operations in China on March 1.
The two companies formed GAC-Stellantis in March 2010, resulting in the European corporation opening an assembly plant in Guangzhou. In September 2021, Stellantis announced its plan to create an organization Stellantis Jeep in an effort to further develop its business in China.
