Global carmaker Stellantis is winding down its business from China. As part of this, the company has officially sold three factories in China.
The company reportedly worked with Dongfeng Motors in factories located in Wuhan, Chengdu and Jiangyang. But now they are owned by Dongfeng Motors.
Bloomberg claims that the size of this transaction is 234 million dollars. Guangzhou Automobile Group, a joint venture with Stellantis, declared bankruptcy last year. As a result, the company was forced to reevaluate its business in China.
However, China still holds its place as the world’s largest automobile market. Stellantis is taking strategic steps to reorganize its operations as well as strengthen its position in the global market.