By Kim Richters

 

Stellantis NV said Wednesday that it will consolidate its auto financing business in China and is selling its stake in the financial-services joint venture with Dongfeng Group to the Chinese car maker.

"As we continue our push to drive profitable growth in China, we need to also reset our financial services offering in the country, as we have done in other major markets," Stellantis's Chief Executive Carlos Tavares said.

The transfer of the shares in the financing joint venture, called Dongfeng Peugeot Citroen Auto Finance Co., is subject to regulatory approvals and expected to be completed in the second half of the year.

The auto maker had previously said it would reorganize its financial services in the U.S. and Europe. In China, it plans to consolidate its auto financial services into a fully owned company.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

April 13, 2022 02:03 ET (06:03 GMT)

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