The Chinese company admits it hasn't managed to contact FCA yet.
China's Great Wall Motor has admitted its plans to buy Jeep from Fiat-Chrysler Automobile (FCA) might never get off the ground.
The company made headlines earlier this week when its president boldly told Automotive News it was in talks with FCA officials about buying Jeep, one of the most emblematic brands in the industry. The purchase would have helped make Great Wall the largest SUV manufacturer in the world. Again speaking to the trade journal, Great Wall conceded the purchase is far from being a done deal; in fact, it might never happen.
Its efforts have "not generated concrete progress as of now," a spokesperson said. The company added it hasn't managed to make contact with FCA's board yet. Earlier this week, company boss Sergio Marchionne said he hadn't heard from anyone at Great Wall about buying Jeep, or any other part of the company's business.
Marchionne's willingness to spin off part or all of FCA added fuel to the fire. Jeep is the company's most prized possession, and it's also worth more than the rest of the group combined, according to analysts. Automotive News reports Morgan Stanley pegged the brand's value at about $24.2 billion.
The story might not end there. Last week, anonymous sources revealed officials from other large Chinese automakers are actively reviewing a potential purchase of FCA. Some allegedly traveled to the company's headquarters in Auburn Hills, Michigan, earlier this month. And, it's no secret that FCA recently sent a delegation to China in order to talk with Great Wall executives.
Photo by Ronan Glon.