Stellantis' China Partner Rails Against Carmaker's Move to Leave China
The Guangzhou Automobile Group -- the Chinese state-owned partner of Stellantis -- accused the European auto giant of disrespecting Chinese customers by shutting down its only Jeep factory in China. In announcing the shutdown, Stellantis cited local political interference in…
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China and worries that political tensions could result in sanctions on the carmaker (see 2207280018). In a statement, GAC Group, as Guangzhou is known, said its joint venture with Stellantis “has not been able to establish a mutually trustworthy operating mechanism adapted to the highly competitive environment in China in order to turn the adverse situation of continuous losses in recent years,” Bloomberg reported July 29. Stellantis CEO Carlos Tavares said the reasons for leaving China were steeped in "broken trust" with the GAC Group along with Chinese policy, Bloomberg said.