We recently brought you news that several Chinese motor manufacturers are interested in bidding for the European American company FCA which comprises of the Italian Fiat group of brands and Chrysler Jeep, Dodge and Ram in the United States. Now we can reveal that the company considering a bid is Great Wall.
Reuters report that a spokesperson for Great Wall has told it that there’s “an intention to acquire” some or all of the globe’s seventh-largest car manufacturer. This is news to Fiat Chrysler as apparently they have yet to hear of an approach from Great Wall itself, which is the largest maker of SUV-type vehicles in China.
Reports earlier claimed that Great Wall has approached Fiat Group (FCA) management to discuss about a possible purchase of the Jeep brand, which is considered to be the FCA’s most valuable brand asset.
FCA’s shares rose by 7.4 percent in New York today (Monday 21st August) with the company currently be valued at a little over £14.7 billion ($19bn). According to Morgan Stanley’s analysts, such is the size of the global market for SUVs, especially in China, that the Jeep brand by itself could be valued a high as $27bn.
News of the potential takeover of iconic American automotive brands by a Chinese car maker is likely to go down like a lead balloon with the Trump government and its current platform of economic nationalism. President Trump has already expressed his concerns about China’s growing global economic influence.
At AutoDrive UK Motor Promotions, we’ll keep an eye on this important automotive story and bring you the very latest news as soon as it happens!