PARIS -- Stellantis said its business performance in China improved in 2021, with its Dongfeng Peugeot Citroen Automobile (DPCA) selling more than 100,000 vehicles -- more than double the annual sales volume of 2020.
The turnaround allowed significant improvement of DPCA’s financial situation, setting the stage for the new DPCA strategy, Olivier said.
"Since day one of Stellantis, we analyzed the situation together with our partners and we are now finalizing our plans for China, which we consider as a strategic market in terms of untapped potential," Olivier said.
The DPCA joint venture, which is based in Wuhan, builds Peugeot and Citroen models for sale in China. Of the more than 100,000 vehicles sold last year, around 9,300 New Energy Vehicles, Stellantis said.
Earlier Stellantis said it was planning to increase to 75 percent from 50 percent its stake in its second Chinese joint venture with Guangzhou Automobile Group, which produces Jeep vehicles. However, Guangzhou Automobile Group rebuked Stellantis for announcing its plans to increase a stake in the joint venture without the Chinese automaker's approval.
Stellantis said additional details on its plan for the Chinese market will be announced during the presentation of its global strategy on March 1.
Reuters contributed to this report