A day after Chinese carmaker Great Wall Motors revealed its desire to buy Jeep from Fiat Chrysler, the manufacturer is backing away from the plan, noting that it hasn’t yet entered talks with the company.
Bloomberg, citing a filing with the Shanghai stock exchange, reports that officials with Great Wall say they may not pursue the Jeep brand after all, noting there are “big uncertainties” related to the possible deal.
For starters, the company says that it hasn’t begun to contact Fiat’s board, and that no “concrete progress” has been made on the possible deal.
The diminished interest in buying Jeep is an about-face for Great Wall, after a rep for the company confirmed Monday it planned to pursue the SUV brand.
At the time, the rep couldn’t confirm if the company had put in an offer for the brand, or if it just was preparing to do so. Additionally, FCA said Monday that it had not yet been approached by Great Wall.
To Sell Or Not To Sell
FCA, which has long been in the market for a partner, has been the center of merger or sale speculation in recent weeks after rumors began swirling that Chinese carmakers were eyeing the manufacturer.
Reports surfaced last week that FCA had rejected an offer from a well-known, but unidentified, Chinese automaker, because it believed the financial terms of the deal weren’t enough.
While it was unclear which Chinese company offered to merge with FCA, sources noted that several carmakers have shown interest in the company, including its current joint venture partner, Guangzhou.
Interested automakers have reportedly traveled to FCA’s Michigan headquarters, while FCA executives have traveled to China, where the government has pushed its manufacturers to expand into foreign markets.