Finance

Jeep could be going to China's Great Wall

Jeep could be going to China's Great Wall

China's largest manufacturer of sport utility vehicles and pick-ups, Great Wall Motor, has expressed interest in bidding for Fiat Chrysler Automobiles, the world's seventh-largest automaker.

As Chinese automakers like Zhejiang Geely acquire foreign brands such as Volvo (volvy), Great Wall is seeking its own piece of the potential profit from Europe and the U.S. Acquiring Jeep would allow Great Wall to enter the premium market with a well-recognized brand.

The spokeswoman couldn't confirm whether Great Wall had already submitted a bid to Fiat Chrysler, or whether an offer was being prepared. "We are interested in (FCA)", the company official in Great Wall's press relations department, who declined to give his name, told Reuters over phone. The report cited an email from Great Wall President Wang Fengying saying her company was "connecting with FCA" to begin negotiations. Great Wall Motor shares closed up nearly 3 percent in Shanghai.

"The Jeep brand is recognised globally".

The move would slice Jeep from the rest of FCA's brands, leaving question marks over the future of Fiat, Chrysler, Dodge and Ram.

10 sailors missing, 5 injured after US Navy destroyer collision
A map shows the location where oil tanker Alnic MC came to a halt after a collision with the guided-missile destroyer USS John S. In January, the USS Antietam ran aground and spilled roughly 1,100 gallons of hydraulic fluid into Tokyo Bay.

Jeep, which traces its roots to the iconic World War Two military vehicle, targets sales of 2 million vehicles in 2018, up from 1.4 million in 2016.

Great Wall Motors Ltd., headquartered in Baoding, southwest of Beijing, is one of a series of independent Chinese automakers that have grown up alongside state-owned giants such as Shanghai Automotive Industries.

However, the Jeep brand alone could be worth as much as $27bn, according to Morgan Stanley analysts.

The people familiar with the matter told Reuters that Great Wall had been making plans for the United States for some time, mainly by upgrading some key products and improving branding. Wei is the surname of the Great Wall founder and chairman Wei Jianjun.

Earlier this year, Great Wall set up an R&D center in Detroit to be closer to the USA auto companies, Hui also revealed.


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