Fiat Chrysler Automobiles denies being approached by Great Wall Motor for acquisition

FCA, which is incorporated in the Netherlands and based in London, said in a statement it had not been approached by Great Wall Motor Company

By: | Updated: August 22, 2017 2:15 PM

Jeep Renegade

Fiat Chrysler Automobiles (FCA) has responded to market rumours regarding a potential interest of a Chinese automaker in the Jeep brand, confirming that it has not been approached by the Great Wall Motors expressing interest in Jeep or any other brands. China's Great Wall Motor Company had been rumoured lately over its interest in bidding for FCA. 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, a Reuters report stated. However, FCA has now clarified that “it has not been approached by Great Wall Motors in connection with the Jeep brand or any other matter relating to its business,” further stating that “FCA is fully committed to its 2014-18 plan, having achieved each one of its targets to date and with only six quarters left to its completion.”

FCA, which is incorporated in the Netherlands and based in London, said in a statement it had not been approached by Great Wall Motor Company and was focusing on 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 to develop technology for electric and self-driving cars, Reuters reported.

Hence, so far Marchionne and company chairman John Elkann have not opened the door to selling Jeep or the profitable Ram truck business.

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