The maker of Jeep said on Thursday it will take majority ownership in its joint venture with one of its Chinese automaker partners in an effort to boost the SUV brand in a market particularly hungry for them.
But Guangzhou Automobile Group Co. Ltd. said it didn't know about the plans.
Stellantis NV says it will increase its share to 75% from 50% in the business with GAC. As Stellantis seeks to turn around its money-losing operations and grow its roughly 0.5% share in the world's largest automotive market, this would give the transatlantic automaker greater control of the partnership and a greater ability to profit from it in the future.
