Chinese car producers eye Fiat Chrysler: report

A well- known Chinese automaker has made at least one off er so far this month to purchase Fiat Chrysler Automobiles ( FCA) “at a small premium over its market value,” but the off er was rejected for not “being enough,” US- based Automotive News reported on Monday.

The report also said that other major Chinese automakers were interested in FCA and had conducted due diligence into the company. A source confi rmed that FCA executives visited China to meet with Hebei Province- based Great Wall Motor Co, the report said. Chinese delegations visited FCA’s headquarters in Auburn Hills, Michigan last week, according to the report.

The report said it’s still unclear which Chinese automakers are pursuing FCA. But it pointed to some including Zhejiang Geely Holding Group, Great Wall Motor Co and Hubei- based Dongfeng Motor Corp.

Zhejiang Geely Holding Group and Great Wall Motor Co told the Global Times on Tuesday they would have no comment on the issue. Dongfeng Motor couldn’t be reached for comment by the Global Times as of press time.

FCA saw its vehicle sales fall 10 percent in July compared with the same month a year earlier, according to a report by the Xinhua News Agency on August 3.

In 2015, FCA CEO Sergio Marchionne proposed a merger between FCA and General Motors, but the latter rejected the bid, according to media reports.

Chinese automakers have expanded globally during recent years. In 2010, Geely purchased US auto giant Ford’s Volvo unit for $ 1.8 billion. In May 2017, Geely agreed to buy a 49.9 percent stake in Malaysia’s national carmaker Proton.