China’s largest SUV and pickup manufacturer has announced it is interested in acquiring carmaker Fiat Chrysler Automobiles (FCA), but its shares are reported to have dipped 2.6% after the Hebei province headquartered carmaker confirmed there was no “concrete progress” in talks and the negotiation was uncertain. Great Wall Motor is said to have halted trading in both Hong Kong and Shanghai pending a clarification notice following the media reports on the possible acquisition.

According to some analysts, the Chinese automotive manufacturer would only be interested in acquiring the Jeep brand.  “Our strategic goal is to become the world’s largest SUV maker. Acquiring Jeep, a global SUV brand, would enable us to achieve our goal sooner and better”, said a spokesperson of Great Wall Motor.

FCA is said to be considering a spin-off of its Alfa Romeo and Maserati brands, just as it did with Ferrari in January 2016

Sources: Financial Times/Inautonews