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Stellantis begins reset of joint venture with China's Dongfeng

State-owned group to take full control of auto finance partnership in $584m deal

The production joint venture between Stellantis and Dongfeng Motor Group has been losing money, in contrast to their auto finance partnership.     © Reuters

HONG KONG -- Stellantis said on Wednesday that it will pull out of its Chinese auto finance joint venture with state-owned Dongfeng Motor Group, the latest step in the overhaul of its operations in the world's largest auto market.

Stellantis will sell its effective half ownership in Dongfeng Peugeot Citroen Auto Finance to its Chinese partner for 3.72 billion yuan ($584 million). Pending approvals, Stellantis aims to complete the deal by year-end.

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