Stellantis Reorganizes Chinese Financing Business
13 April 2022 - 08:18AM
Dow Jones News
By Kim Richters
Stellantis NV said Wednesday that it will consolidate its auto
financing business in China and is selling its stake in the
financial-services joint venture with Dongfeng Group to the Chinese
car maker.
"As we continue our push to drive profitable growth in China, we
need to also reset our financial services offering in the country,
as we have done in other major markets," Stellantis's Chief
Executive Carlos Tavares said.
The transfer of the shares in the financing joint venture,
called Dongfeng Peugeot Citroen Auto Finance Co., is subject to
regulatory approvals and expected to be completed in the second
half of the year.
The auto maker had previously said it would reorganize its
financial services in the U.S. and Europe. In China, it plans to
consolidate its auto financial services into a fully owned
company.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
April 13, 2022 02:03 ET (06:03 GMT)
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