Stellantis' China JV GAC-FCA To File For Bankruptcy - Stellantis (NYSE:STLA)

The joint venture between automobile companies Stellantis NV STLA and Guangzhou Automobile Group Co (GAC) in China is expected to file for bankruptcy.
The shareholders of the GAC-FCA Joint Venture have approved a resolution authorizing the JV to file for bankruptcy in the wake of making a loss.
Stellantis fully impaired the value of its investment in the GAC-FCA JV and other related assets in its first half 2022 financial results.
The JV has been producing Jeep vehicles in China.
Stellantis plans to continue providing services to existing and future Jeep brand customers in China.
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Price Action: STLA shares are trading lower by 0.81% at $13.46 in premarket on the last check Monday.
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