Ningde era applied to freeze 12.5 million of the property of Guangzhou Auto Fick, and the court ruled that it would be executed.

CTOnews.com December 29 news, recently, Ningde Times, GAC Fiat Chrysler Automobile Co., Ltd. and other non-litigation property preservation review decision public.

According to the documents, the applicant Ningde Times requested to freeze the bank deposit of 12.5 million yuan of the respondent GAC Fiat Chrysler Automobile Co., Ltd., or seal up or detain other property of equal value. The court considered that the applicant's application complied with the law and ruled that it should be executed.

CTOnews.com learned that on October 31 this year, Stellantis Group's official website issued an announcement saying that shareholders of GAC Fick, GAC Group and Stellantis had approved a resolution authorizing GAC Fick to file for bankruptcy in case of losses. This means that the joint venture, established in 2012, will officially terminate its development in the Chinese market.

GAC Fiat Automobile Co., Ltd. was officially established in March 2010. Fiat brand was introduced in advance. Domestic models include Feixiang, Zhiyue, Feiyue, etc. In 2014, Fiat merged with Chrysler, and Jeep brand began to be localized in 2015. Six consecutive domestic models such as Freedom Light, Freedom Man, South Guide and Big Commander were made, and the advertisement "Not all SUVs are called Jeep" became popular all over the country.

Not long ago, GAC Fick applied for bankruptcy reorganization triggered dealer rights protection. GAC Group responded that it actively supported GAC Fick's creditor's rights and debts to be handled according to laws and regulations, and explored reorganization measures to utilize its assets and resources according to the principle of marketization and the development needs of the company, so as to safeguard and protect the legitimate rights and interests of all parties.