Jeep maker Stellantis NV is dissolving its money-losing joint venture with its Chinese partner and instead will import the iconic SUVs into the world's largest autos market.
The breakup with Guangzhou Automobile Group Motor Co. Ltd. offers a refresh for one of the world's largest automakers trying to make inroads into a market where neither Fiat Chrysler Automobiles NV nor French automaker Groupe PSA had a strong foothold prior to their merger last year to create Stellantis. The transatlantic company's sales there represent less than 1% of the market.
The decision is a detour from plans shared in January. Stellantis said it would increase to 75% its share in the 50-50 venture formed in 2010. The announcement caused a rift with GAC, which said it didn't know about Stellantis' plans to announce the ownership modifications.
