China's Great Wall confirms interest in Fiat Chrysler

6 years, 8 months ago - 24 August 2017, Reuters
China's Great Wall confirms interest in Fiat Chrysler
A direct overture by Chinese automaker Great Wall Motor Co Ltd to Italian-American automaker Fiat Chrysler Automobiles NV sent FCA shares up sharply on Monday, as investors cheered the potential sale of the storied Jeep brand.

It was not immediately clear whether Great Wall Motor wanted all or part of FCA.

Automotive News first reported earlier on Monday that Great Wall Motor's President, Wang Fengying, plans to contact FCA to discuss acquiring the Jeep brand.

"With respect to this case, we currently have an intention to acquire. We are interested in (FCA)," an official at Great Wall Motor's press relations department told Reuters. He declined to give his name and gave no further details.

Two people familiar with the matter said Great Wall Motor had asked for a meeting with FCA to make an offer for all or part of the group.

FCA, which is incorporated in the Netherlands and based in London, said in a statement it had not been approached by Great Wall Motor, and was implementing its current business plan. Its main investor, Italy's Agnelli family, declined to comment.

FCA Chief Executive Sergio Marchionne has said that he wants to find a partner or buyer for the world's seventh-largest automaker as costs rise to comply with emissions regulations and develop technology for electric and self-driving cars.

So far, however, Marchionne and company chairman John Elkann have not opened the door to selling Jeep or the profitable Ram truck business in North America as standalone units.

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