GUANGZHOU – GAC Fiat Automobiles Co., Ltd. (GAC-Fiat), a 50:50 joint venture between Chinese automaker GAC Group and Fiat Auto S.p.A., is renamed as GAC Fiat Chrysler Automobiles Co., Ltd., according to a GAC Group announcement.
GAC and Chrysler Asia Pacific Investment Co., Ltd. each has 50 and 40 percent stakes of the JV after they injected ¥1.8 billion ($300 million) into the JV respectively.
Fiat now holds the rest 10 percent stakes of the JV. The logo of the new JV has not been released officially.
GAC and Fiat Chrysler Automobiles (FCA) jointly announced at Guangzhou Auto Show last November that they would set up an independent sales company for sales, product planning and aftersales services of locally made and imported vehicles under the Jeep, Fiat and Chrysler brands. Jeep SUVs and Fiat and Chrysler sedans would be sold in two different distribution networks.