Carmaker Stellantis improves 2021 business performance in China

ROME, Jan. 28 (Xinhua) -- Carmaker Stellantis said Friday that last year it strengthened its business position in China,laying what the company called a "solid foundation" for its long-term expansion.

Stellantis, which was formed a year ago by the merger of Italian-American automobile manufacturer Fiat-Chrysler and its French rival Peugeot, said in a statement that it was planning to increase its stake in Guangzhou Automobile Group -- also known as the GAC Group -- from 50 percent to 75 percent.

The company also reported that the Dongfeng Peugeot Citroen Automobile Co., Ltd., a joint venture of Stellantis and China Dongfeng Motor Corporation, more than doubled in annual sales in 2021 to over 100,000 vehicles. That number included around 9,300 environmental-friendly "new energy vehicles."

The company said the moves were part of a broader strategy of increasing its presence in China, the world's largest automobile market.

"Since its first day, Stellantis has analyzed the situation together with our partners and we are now finalizing our plans for China," Gregoire Olivier, Stellantis's chief operating officer for China, said in a statement. "We consider the country a strategic market in terms of untapped potential."

The company said it would reveal more details of its strategic plans for the Chinese market as part of its global strategic plan, which would be made public on March 1.