Fiat Chrysler Automobiles has denied that it has been approached by Great Wall to be purchased; the Chinese brand has Jeep in its sights.
22 Aug 2017 | 2767 Views | By James Attwood, Autocar UK`
Fiat Chrysler Automobiles has denied that it has been approached by Great Wall Motors, with the Chinese brand looking to buy the Italian-American group.
Chinese car firm Great Wall Motors earlier confirmed it is interested in buying at least part of Fiat Chrysler Automobiles – with the SUV specialist understood ...
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Fiat Chrysler Automobiles has denied that it has been approached by Great Wall Motors, with the Chinese brand looking to buy the Italian-American group.
Chinese car firm Great Wall Motors earlier confirmed it is interested in buying at least part of Fiat Chrysler Automobiles – with the SUV specialist understood to be particularly keen on acquiring Jeep.
Great Wall, which was founded in 1984, is China’s biggest producer of SUVs. A Great Wall spokesperson told the Reuters news agency that the firm had “an intention to acquire” in regard to Fiat Chrysler.
The firm is particularly keen to acquire the Jeep firm to aid in its plans to become one of the world’s largest SUV makers. It is unknown at this stage whether Great Wall is attempting to just buy Jeep, the whole Fiat Chrysler group, or a part shareholding in the Fiat Chrysler group. The Italian-American corporation includes Abarth, Alfa Romeo, Chrysler, Dodge, Fiat Lancia, Maseati and Ram, as well as a number of automotive part supply companies.
While Ram is also primarily an SUV, truck and 4x4 firm, it is mainly focused on the North American market, while Jeep has a larger global footprint.
In an official note issued yesterday, FCA said: "In response to market rumours regarding a potential interest of Great Wall Motors in the Jeep brand, Fiat Chrysler Automobiles has not been approached by Great Wall Motors in connection with the Jeep brand or any other matter relating to its business. FCA is fully committed to its 2014-18 plan, having achieved each one of its targets to date and with only 6 quarters left to its completion."
The denial by Fiat Chrysler follows Great Wall's confirmation that it is interested in the buyout. Ahead of Geely's acquisition of Proton and Lotus, speculation about the deal was dismissed.
Any move by Great Wall would follow the path of Geely, which has acquired Volvo.