Auction for Fiat Chrysler’s Chinese Factory Fails for Third Time
- No bids received for the assets priced at 1.23 billion yuan
- Joint venture with partner GAC filed for bankruptcy in 2022
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The administrator for Fiat Chrysler’s bankrupt Chinese venture failed to sell a jointly run auto factory in Southern China for a third time at auction, despite slashing the price by more than a third, indicating the lack of demand for internal combustion engines in the world’s largest car market.
The equipment, buildings and other assets at the Changsha-based plant previously operated by Fiat Chrysler, now part of Stellantis NV., and partner Guangzhou Automobile Group Co. went under the gavel online starting on Tuesday, priced at 1.23 billion yuan ($174 million). No bids were received by the end of the auction on Wednesday, according to the listing for the factory on Chinese auction platform JD.com.