The venture between Stellantis and Guangzhou Automobile Group producing Jeep vehicles in China is filing for bankruptcy, Stellantis said on Monday.
Foreign automakers saw their share of China's auto market, now the world's largest, drop by 5.5 percentage points last year, to 45.6%, according to the China Passenger Car Association.
"The joint-venture policy was originally designed to compel foreign brands to share their brands and technology with local Chinese in exchange for access to China's large, growing auto market," he said. The bankruptcy for the Jeep venture is the latest chapter in a turbulent history for the first foreign brands to have invested in China, when it was an almost non-existent market for global automakers.
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