The troubled joint venture between Stellantis and China’s Guangzhou Automobile Group, GAC Fiat Chrysler Automobiles, has officially been declared bankrupt, the company confirmed on Tuesday.
In a social media post, the joint venture shared images of a bankruptcy ruling issued by a court in Hunan province, formally marking the end of the business, which has struggled for years amid declining sales and intensifying competition in the Chinese automotive market.
The GAC Fiat Chrysler JV, originally formed to give Fiat Chrysler (now part of Stellantis) a stronger foothold in the world’s largest car market, faced persistent challenges. Despite efforts to revive its performance through new model launches and restructuring…