GAC Fiat Chrysler Automobiles, a joint venture of China, reported that it produced and sold just one vehicle in China last month.
The joint venture showed the dismal figures in a filing on Thursday to the Hong Kong and Shanghai exchanges.
The joint venture almost halts its operation when it only manufactured one car for March 2022 while it produced 3,145 in the same period last year.
The production volume of GAC Fiat Chrysler decreased 99.97%, and sales volume dropped 99.96% compared with last month.
GAC Fiat Chrysler was a 50:50 joint venture between global automaker Stellantis and its state-owned Chinese partner GAC Group.
GAC’s management told Citibank analysts on Thursday’s call that the joint venture “has not been operating normally” since the fourth quarter of last year.
Monthly production fell below 1,000 units In December, and it fell to 35 units in February.
Nikkei Asia reported that China’s car sales and production rose for the first time in four years in 2021. However, sales from the venture declined 50% to 20,123 units, and annual production decreased 58 percent to 16,313 units.