Stellantis reshuffles Chinese financing business in deal with Dongfeng

PARIS, April 13 (Reuters) – Stellantis (STLA.MI) 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.

In return, Stellantis said it would create a new structure, called Auto Finance Company (AFC).

The proposed transaction should be completed during the second half of 2022, pending regulatory approval, the car maker added.

Reporting by Tassilo Hummel; Editing by Christopher Cushing