GAC has reacted to an announcement made by Stellantis on Thursday outlining its plans to increase its shareholding in the GAC-Stellantis joint venture, claiming the move isn't agreed.
The Chinese manufacturer said it learned of the announcement regarding the equity adjustment from Stellantis’s official website.
In the announcement, Stellantis said it planned to increase its shareholding in GAC-Stellantis from 50% to 75%, suggesting the increased equity “is a key element of Stellantis’s plan to set a new basis for its business in China”.
It also said “GAC and Stellantis have agreed to collaboratively complete the relevant formalities of the deal, which remains subject to the approval of the Chinese government”.
