Shanghai, March 12 (Gasgoo.com) China's Great Wall Motor has terminated its small-car joint venture plan with Chrysler due to changed situations, said the Chinese car company's president Wang Fengying on Wednesday.
Ms. Wang said in an interview with China Business News that "due to the recent downturn in the global car market, both companies have gone through major changes since they entered into the agreement, and the market slump makes further steps difficult to take."
"Now instead of manufacturing a small car model for Chrysler, we have decided to make a redesigned model under our own brand in the second half of this year or early next year," she said.
Chrysler, which is owned by private equity firm Cerberus, signed a memorandum of understanding with Great Wall Motor in July 2008 to explore the viability of a long-term strategic relationship.
The two companies have since developed an A-class car model that was scheduled to be produced by the Chinese automaker and sold around the world as a rebadged Chrysler model.
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