GAC Fiat Chrysler Automobiles Company, the joint venture between the Netherlands-headquartered automaker Stellantis NV and Chinese state-owned Guangzhou Automobile Group, has been officially declared bankrupt. The company recently disclosed documents confirming that a court in China’s Hunan Province has officially declared the company bankrupt, according to local reports.
GAC Fiat Chrysler Automobiles was founded in 2010, with both partners holding 50% of the equity. The joint venture received investments of around CNY 17 billion (US$ 2.4 billion) and began producing Chrysler SUV models under the Jeep brand, including the Compass, Cherokee, and Renegade, from 2015. Local sales peaked at 220,000 units in 2017.
Sales plunged…