chinas great wall motor eyes fiat chrysler deal
Sunday 23 February 2025
Last Updated : GMT 09:07:40
Egypt Today, egypt today

with Italian-American car maker Fiat Chrysler

China's Great Wall Motor eyes Fiat Chrysler deal

Egypt Today, egypt today

Egypt Today, egypt today China's Great Wall Motor eyes Fiat Chrysler deal

China's Great Wall Motor eyes Fiat Chrysler deal
Beijing - Egypt Today

China's Great Wall Motor signalled on Monday its intention to make an ambitious acquisition deal with Italian-American car maker Fiat Chrysler Automobiles following a report that it wants to buy the Jeep brand.

An agreement would be a major coup for the Chinese auto industry, though it may cause political waves in the United States, where President Donald Trump has railed against his country's trade imbalance with the Asian giant.

Great Wall Motor ranks only as the seventh biggest Chinese auto company in terms of sales -- 1.07 million in China and 17,400 abroad last year -- but any purchase of FCA would take the firm to another level.

"There is an intention to make the purchase," a Great Wall Motor spokeswoman told AFP, though she declined to say if the possible deal would be for the entire auto giant or just one of its brands.

The US car industry publication Automotive News reported earlier that Great Wall Motor president Wang Fengying had said in an email that her company intended to buy FCA's Jeep brand.

FCA said in a statement that it "has not been approached by Great Wall (Motor) in connection with the Jeep brand or any other matter relating to its business." Great Wall's spokeswoman did not confirm whether the companies had made any contact yet but she confirmed the intention to make an offer.

- 'Crown jewel' -

Bill Russo, managing director of Gao Feng Advisory Group, said he believes Great Wall Motor is interested in just buying Jeep rather than buying all of FCA and inheriting its sizeable liabilities.

"Jeep is the crown jewel of Fiat Chrysler in terms of brand and equity," Russo, a former Chrysler executive, told AFP.

Great Wall is known for its sport-utility vehicles, which are popular in China, so a deal would be "quite complementary" for the company, the analyst said.

China is the world's biggest car market and sales of SUVs soared by 45 percent last year, with nine million units sold, according to industry figures.

Fiat Chrysler sold 110,000 locally built cars in China in the first half of the year, in particular thanks to rising sales of Jeeps built by a joint venture with GAC Group.

With sales of its models ebbing in the United States, a Chinese acquisition could offer a lifeline to Fiat Chrysler, in particular for its Chrysler, Dodge and Fiat brands.

FCA's shares have soared on the Milan stock exchanges on reports of a potential deal.

FCA CEO Sergio Marchionne spun off Ferrari in 2015 and could do likewise with Alfa Romeo and Maserati, so selling any of its other brands to a Chinese investor could fit in with that corporate strategy.

"They could get a pretty good price for" Jeep, Russo said.

Great Wall Motor would not be the first Chinese auto company to make a major acquisition abroad.

Sweden's Volvo was acquired by China's Geely in 2010 and has enjoyed strong sales growth since, with the Chinese market accounting for 20 percent.

"We are definitely going to take our intention to buy (FCA) seriously," Great Wall Motor's spokeswoman said.

"As for the plans for later stages, doing what on which day, this is an issue for the strategy of the top management level," she said.

Great Wall's "interest in purchasing FCA highly fits our professional development path and strategy of globalisation", the spokeswoman said.

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

chinas great wall motor eyes fiat chrysler deal chinas great wall motor eyes fiat chrysler deal



GMT 07:32 2017 Monday ,09 October

Bahrain weather forecast

GMT 13:19 2011 Thursday ,01 September

Western media spread publicity

GMT 11:27 2012 Monday ,30 April

NBC\'s \'30 Rock\' rocks out with live episode

GMT 19:11 2013 Monday ,23 December

Gunmen storm satellite TV office in Iraq\'s Tikrit

GMT 04:28 2012 Tuesday ,15 May

Sherif Amer:Egyptian media lacks vision

GMT 14:55 2010 Tuesday ,14 September

Fernando Alonso wins Italian Grand Prix for Ferrari

GMT 11:25 2017 Monday ,13 March

NBA Celtics hand Bulls their fifth loss in a row

GMT 08:43 2017 Wednesday ,15 March

Saber Al Robaei celebrates birthday with family

GMT 17:14 2015 Saturday ,10 January

Gradual improvement in weather as of Sunday

GMT 08:42 2017 Saturday ,29 July

Why did Ivanka have a private lunch?

GMT 06:45 2017 Tuesday ,18 July

Actress Kinda Aloush reveals reason

GMT 10:29 2015 Friday ,17 April

Cannes line-up showcases Asia, Australia talent

GMT 15:33 2017 Tuesday ,19 December

Bahrain condemns Houthis' attack on Riyadh

GMT 04:25 2017 Saturday ,06 May

Gold heads for biggest weekly drop in 6 months

GMT 09:50 2017 Wednesday ,04 October

Doctor underlines importance of health food

GMT 08:35 2017 Monday ,16 October

105 projects implemented within SC Zone

GMT 18:16 2017 Thursday ,14 December

Three plead guilty in Mirai botnet attacks

GMT 12:08 2017 Thursday ,09 February

21st Philippine International Balloon Festival kicks off

GMT 04:52 2017 Saturday ,29 April

Gold prices edge up

GMT 18:00 2012 Tuesday ,01 May

How can we help children learn about character?

GMT 14:33 2015 Saturday ,28 March

William Petersen joins the cast of 'Manhattan'

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday