Stellantis NV is ending the joint venture that makes and distributes its Jeep brand in China, a strategic reversal for the car maker and the latest setback for the Western auto industry’s attempt to build a significant presence there.
Stellantis, which also makes Ram pickup trucks and the Peugeot brand, blamed a lack of progress in its plan to take a majority share in the joint venture with China’s Guangzhou Automobile Group Co. Ltd. On Monday, it said it would pull out of the JV altogether and would focus instead on selling imported Jeep vehicles into China, which is the world’s biggest car market.
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