Stellantis said that shareholders of its loss-making joint venture producing Jeep vehicles in China have approved it to file for bankruptcy, reports Reuters.
The European carmaker said it has fully impaired the value of its investment in the venture in its results for the fist half of 2022, in a statement.
Stellantis had terminated the joint venture with Guangzhou Automobile Group in July, only months after it said it would raise its stake in the business.