Fiat Chrysler Automobiles (FCA) has denied reports that it received a formal bid from the Chinese automaker Great Wall Motors (GWM) with respect to sale of its Jeep brand.
FCA said that it will stick to its 2014-18 growth plan and has achieved each of its targets to date, with just six more quarters left for the completion of the plan.
On the other hand, there have been speculations about GWM’s plans to acquire the Jeep brand from FCA for quite some time.
Recently there was news circulating that automakers from China are interested to invest in foreign auto brands and FCA has been a target.
Initially, it was also suggested that FCA could sell its Jeep, Dodge, Chrysler, Ram and Fiat brands, but plans to keep Maserati and Alfa Romeo brands.
According to Drive.com, Great Wall is now preparing to expand globally and one of its subsidiaries Haval, which makes SUVs, has entered the Australian market. It stated that the knowledge and experience from Jeep brand can help in buildings SUVs and off-roaders for its new and emerging markets.
In an interview to Automotive News, Great Wall’s spokesperson said: "We are deeply interested in the Jeep brand and have paid close attention to it for a long time.
"Our strategic goal is to become the world's largest SUV maker. Acquiring Jeep, a global SUV brand, would enable us to achieve our goal sooner and better"
In April, FCA CEO Sergio Marchionne said that the Jeep brand in itself could be made into a standalone company.
The interest of Great Wall Motors to acquire the Jeep brand is the second time a Chinese automaker was interested in a brand owned by an American company. Geely acquired the Volvo Cars brand from Ford back in 2010.
