(Yicai) Aug. 23 -- GAC FCA, a bankrupt auto joint venture of China’s GAC Group and Fiat Chrysler Automobiles, has suspended the third auction for its plant in Changsha, after two other unsuccessful attempts to sell it under the hammer in the past month.

The JV decided to halt the auction and once again contact the local investment promotion agency and a few potential investors so as to maximize the value of GAC FCA’s core assets and protect creditors, its administrator said yesterday.

Any further decisions on the disposal of the core asset will be made based on the progress of those engagements, it added.

The Changsha car plant had been put up for auction twice this year already, on July 20 and Aug. 5. The opening price was set at CNY1.9 billion (USD268.1 million) on the first occasion and reduced to CNY1.5 billion (USD214.5 million) on second. No bidder signed up for either sale.

GAC FCA was founded in Changsha in 2010 by GAC and FCA, which is now part of Stellantis Group, with a total investment of CNY10 billion (USD1.4 billion). It filed for bankruptcy in late 2022.

GAC FCA’s other plant in Guangzhou was acquired by GAC Aion, GAC’s new energy vehicle arm, in the same year. Its production lines were then revamped to make pure electric vehicles.

Editor: Futura Costaglione