Guangzhou Automobile Group Co. Ltd. (2238.HK; 601238.SH) and Stellantis (STLA.US), the world’s fourth-largest automaker, on Tuesday said court overseeing the liquidation of their joint venture, GAC Fiat Chrysler Automobiles Co. Ltd. (GAC FCA), officially declared the venture bankrupt. The court-appointed bankruptcy administrator confirmed that the company was unable to repay its debts and lacked the assets or conditions for restructuring or settlement.
A recent update released via the administrator’s official WeChat account said GAC FCA, once known for localizing Jeep models and achieving strong sales in China, suffered a long-term production halt after failing to compete in the market.
In October 2022, GAC FCA entered…