PARIS : Stellantis said on Wednesday it would sell its entire stake in an auto financing joint venture with Dongfeng to the Chinese car maker and consolidate its own financial services in China into a new structure it fully owns.
"As we continue our push to drive profitable growth in China, we need to also reset our financial services offering in the country," said Carlos Tavares, the chief executive of Stellantis, in a statement. One of Stellantis' financing units and car maker DPCA - co-owned by Stellantis and Dongfeng - have entered into an equity transfer agreement with Dongfeng aimed at transferring the whole of their joint auto financing assets to the Chinese company.The proposed transaction should be completed during the second half of 2022, pending regulatory approval, the car maker added.
In its new push for more profitability under CEO Tavares, the European auto conglomerate resulting from the merger of Peugeot maker PSA and Fiat Chrysler had previously restructured its credit business in Europe and the United States.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Walmart names Paypal's John Rainey as finance chiefWalmart Inc has appointed Paypal's John Rainey as chief financial officer effective June 6, the retailer said on Tuesday. (Reporting by Deborah Sophia in Bengaluru; Editing by Vinay Dwivedi)
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Walmart taps PayPal's finance chief John Rainey as CFO:Walmart Inc has appointed PayPal Holdings Inc's finance head, John Rainey, as chief financial officer (CFO), the world's largest retailer said on Tuesday. Rainey will take over as CFO effective June 6, replacing Brett Biggs, Walmart's finance chief since 2015, who announced his exit late last year.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
British PM Johnson and finance minister Sunak to be fined over lockdown partiesLONDON :Britain\u0027s Prime Minister Boris Johnson and his finance minister Rishi Sunak are to receive fines for breaching strict coronavirus lockdown rules, the government said on Tuesday, prompting calls for them both to resign. Police have been investigating 12 gatherings at Johnson\u0027s Downing Street office
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
UK PM Johnson and finance minister Sunak to be fined over lockdown partiesLONDON — British prime minister Boris Johnson and his finance minister Rishi Sunak are to receive fines for breaching strict coronavirus lockdown rules, a government statement said on Tuesday (April 12).
Source: TODAYonline - 🏆 1. / 99 Read more »
UK PM Boris Johnson and finance minister to be fined for lockdown breaches
Source: STForeignDesk - 🏆 4. / 71 Read more »