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A manufacturing facility owned by the now-bankrupt joint venture between GAC Group and Fiat, which was established in 2010 and later became part of Stellantis, has finally been sold after five unsuccessful auction attempts. The sale price was a significantly reduced CNY602 million (approximately USD84.6 million).
The plant’s assets were divided into two lots for the auction on JD.Com’s judicial platform: one for the land and buildings, with an opening bid of CNY602 million, and another for equipment, starting at CNY198 million.
The land and building lot received only one bid from Lens Technology, a major supplier of Apple’s iPhone screen glass. Meanwhile, the equipment lot attracted 76 bids and was purchased by Weizheng Construction, a construction firm based in Nanjing, for CNY348 million.
The joint venture ended in 2022 following disputes among shareholders. Subsequently, the Guangzhou plant was retained by GAC, while the Changsha factory was handed over to Beijing Yingke Law Firm, a court-appointed administrator, to be liquidated to pay off creditors.
Because the Changsha plant primarily produced internal combustion engine vehicles, it faced difficulty in attracting buyers, especially as China rapidly shifted toward electric and smart vehicles. Its initial auction in July of the previous year had a top bid of CNY1.9 billion (around USD267 million), more than three times the final sale price.
Founded in 2006, Lens Technology has established itself as a key supplier of glass for Apple’s products. Over recent years, the company has diversified into new sectors such as wearable technology, automotive smart cockpits, and robotic components.
In its latest financial report, Lens reported a 20 percent increase in net profit, reaching CNY2.8 billion (approximately USD393.4 million) over the nine months ending September 30, with revenues climbing 16 percent to CNY53.7 billion.
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