The company then adopted said American company's platform, had consecutive huge losses (for the first time in decades), and was forced to sell several divisions to the same American company...

If I recall correctly the company was not going to make it during the Great Recession, and no buyers wanted them. So the Chinese bought them but still couldn’t save them from their ultimate fate.

The Chinese owner tried to revive the brand a couple of years ago with an electric vehicle, but I guess that didn’t work out after all.