Due to no one signing up, the fifth auction of GAC FCA’s assets ended in unsuccessful auction again.
The manager of GAC FCA will conduct the fifth online auction on January 9, 2025, with a starting price of about 992 million yuan at 90% of the previous unsold price, with a deposit of 100 million yuan, and this round of auction will be held on January 25, 2025The day ended at 10 o’clock, during which a total of 1,470 people watched, 138 people paid attention to the reminder, but 0 people registered. Compared to the price at the first auction, this time the price is almost 50% off.
According to the asset auction announcement of the GAC FCA bankruptcy liquidation case, the location of GAC FCA’s assets is located at No. 18, Yingxia Road, Changsha Economic and Technological Development Zone, Hunan Province, including current assets and non-current assets. Among them, non-current assets include building (structure), equipment fixed assets, construction in progress and intangible assets.
The manager of GAC FCA said: “In the past two years since the manager entered GAC FCA, the early manager and the Changsha Economic and Technological Development Zone Management Committee have negotiated with several interested investors, although after many efforts, they have not been able to reach a firm investment intention. At the same time, based on the opinions of the Changsha Economic and Technological Development Zone Management Committee, the Changsha Intermediate People’s Court, the creditors’ committee, and the real-time situation of recruiting investors, the manager has conducted five online auctions on the JD asset trading platform, all of which failed due to no registration.”

According to the JD asset trading platform, the first auction of GAC FCA’s Changsha plant ended on July 21, 2024, with a starting price of 1.915 billion yuan; The second auction ended on August 6, 2024, with the starting price dropping to $1.532 billion; The third auction ends on September 18, 2024, with an auction price of 1.225 billion yuan; The fourth auction ended on November 7, 2024, with an auction price of $1.103 billion.
According to the “Report on the Progress of the Bankruptcy Liquidation Case of GAC Fiat Chrysler Automobile Co., Ltd.”, for the disposal of core assets, the manager will continue to cooperate with the Management Committee of Changsha Economic and Technological Development Zone, the Changsha Intermediate People’s Court, and relevant provincial and municipal departments to continue to carry out the docking and negotiation of interested investors, so as to achieve the successful disposal of core assets as soon as possible and realize the repayment of creditors’ claims. Creditors with resources are welcome to actively publicize and recommend GAC FCA’s assets to help support GAC FCA’s investor recruitment.
Regarding the after-sales service of automobiles, the manager said that GAC FCA produced a total of more than 770,000 cars, and after GAC FCA and related suppliers stopped production, there was a shortage of auto parts one after another, resulting in the difficulty of ensuring relevant after-sales service. Automobile after-sales service, especially after-sales service within the scope of warranty, involves the vital rights and interests of the majority of car owners and the social stability of the group, which is one of the most complex tasks in this case.
Since the takeover of the manager, it has cooperated with Stellantis N.V., a shareholder of GAC FCAStellantis (Shanghai) Automobile Co., Ltd. (hereinafter referred to as the “after-sales service entity”), an affiliated subsidiary of Stellantis (i.e., the automotive brand technical party), has successively solved relevant after-sales service problems.
Specifically, in order to solve the urgent needs of after-sales service, the manager has handed over the test vehicle and some remaining parts and other materials that can be used for after-sales service to the after-sales service subject to carry out after-sales service. The manager supports and cooperates with the after-sales service entity to carry out the resumption of production of self-made parts of some models (body covering parts originally produced by the workshop of GAC FCA), which has been completed around the Spring Festival in 2024.
In addition, the manager actively coordinates some suppliers and after-sales service entities to carry out spare parts reproduction cooperation. The specific details of the after-sales service cooperation terms and after-sales service fees between the administrator and the after-sales service entity are still being discussed and negotiated by multiple parties due to more complex circumstances, and will be submitted to the creditors’ conference for voting after they are basically determined, and the administrator will continue to accept the supervision of the creditors’ committee and the creditors’ conference.
According to public information, GAC FCA is a joint venture established by Fiat Group and GAC Group in March 2010. In 2014, Fiat and Chrysler merged to form the Fiat Chrysler Group. In 2015, GAC Fiat Automobiles Co., Ltd. changed its name to GAC Fiat Chrysler Automobiles Co., Ltd.
As of September 30, 2022, GAC FCA (unaudited) had total assets of 7.322 billion yuan, total liabilities of 8.113 billion yuan, and an asset-liability ratio of 110.80%. In the end, due to factors such as poor sales performance, GAC FCA officially entered bankruptcy proceedings in November 2022.