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Stellantis CEO says 'breach of trust' broke alliance with China's GAC

Automaker chief warns rivals against being asset-heavy in China

Stellantis CEO Carlos Tavares: The fourth-largest global automaker will dissolve its joint venture with Chinese partner Guangzhou Automobile Group.   © Reuters

HONG KONG -- The CEO of Stellantis, the fourth-largest global automaker by volume, has blamed the company's decision to end its key joint venture in China on a "breach of trust" by partner Guangzhou Automobile Group (GAC).

Carlos Tavares, speaking Thursday at an online briefing covering Stellantis' first-half results, also characterized a new company strategy to go "asset light" by axing factories and relying on imports as a way to protect it from the intensifying political tensions between the West and China.

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