Stellantis Joint Venture in China Filing for Bankruptcy Due to Plunging Vehicle Sales, Company Says

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Stellantis Joint Venture in China Filing for Bankruptcy Due to Plunging Vehicle Sales, Company Says

European carmaker Stellantis has announced that its joint venture (JV) in China is filing for bankruptcy following poor vehicle sales over the years.
The JV, which sold the Jeep Cherokee SUV and the Jeep Compass crossover SUV in China, saw sales decline significantly during the past year.
In 2021, sales crashed by 50 percent to about 20,400 vehicles. In 2022, sales have fallen even further, with less than 2,000 vehicles being sold. In the month of May, only a single sale took place.
The company terminated its JV with Guangzhou Automobile in July, mere months after it had announced plans to raise its stake in the partnership from 50 to 75 percent....

Source: Stellantis Joint Venture in China Filing for Bankruptcy Due to Plunging Vehicle Sales, Company Says

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