Great Wall Motor of China Sets Its Sights on Jeep
None of that deterred one Chinese automaker, Great Wall Motor Company, from saying on Monday
that it was interested in buying the Jeep brand — a quintessentially American car that is known for its sport utility vehicles and pickup trucks, but that also has a strong resonance in China.
Fiat Chrysler Automobiles, the Italian-controlled company
that owns Jeep, said it had not heard from Great Wall, however, suggesting that considerable ground would have to be covered before a deal could be reached.
Gerald C. Meyers, at the time the chairman and chief executive of American Motors, which owned the Jeep brand, has said
that he initially saw China as a low-cost place to build vehicles for the Australian market, and never anticipated that the country would grow into such a major well of customers.
Volvo’s revenue has grown, in part because of rising sales in China, and Geely has provided funds
that have allowed Volvo to invest more in new products and expansion, including at a new factory in Berkeley County, S.C. Last month, Volvo became the first traditional carmaker to say it would phase out cars powered solely by diesel or gasoline motors.
The country is already the largest market for battery-powered cars,
and buying an existing auto brand could provide a platform for a Chinese company to sell electric cars abroad.
In a statement on Monday, Fiat Chrysler said it had "not been approached by Great Wall Motors in connection with the Jeep
brand, or any other matter relating to its business." The carmaker’s shares were nevertheless up 4 percent in Milan.
