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China's Great Wall confirms its interest — in Jeep, or all of FCA

HONG KONG/SHANGHAI — Chinese automaker Great Wall Motor reiterated its interest in Fiat Chrysler Automobiles NV on Tuesday, but said it had not held talks or signed a deal with executives at the Italian-American automaker. China's largest sport utility vehicle manufacturer made a direct overture to Fiat Chrysler on Monday, with an official saying the company was interested in all or part of FCA, owner of the Jeep and Ram truck brands. Automotive News first reported the news, quoting Great Wall Motor President Wang Fengying as saying she planned to contact FCA to discuss acquiring the Jeep brand specifically. Those comments sent FCA shares higher but also raised questions over the ability of China's seventh-largest automaker by sales to buy larger Western rival FCA, or even Jeep, which some analysts value at as much as one-and-a-half times FCA. Great Wall sought to dampen speculation on Tuesday. It confirmed it had studied Fiat Chrysler, but said there was "no concrete progress so far" and "substantial uncertainty" over whether it would eventually bid. "The company has not built any relationship with the directors of FCA nor has the company entered into any discussion or signed any agreements with any officer of FCA so far," the company said in an English-language stock exchange filing. It did not give further detail. Fiat Chrysler stock dipped on the statement on Tuesday. Great Wall said trading in its Shanghai-listed shares would resume on Wednesday after having been suspended. Fiat Chrysler declined to comment on Great Wall's statement. On Monday, it said it had not been approached and was fully committed to implementing its current business plan. FLUSHING OUT RIVALS? Great Wall Motor, which was early to spot China's love of SUVs, had revenue of $14.8 billion last year and sold 1.07 million vehicles - but that compares with FCA's 2016 revenue of 111 billion euros ($130.6 billion). Analysts said Great Wall would need to raise both debt and equity to complete any deal, meaning its chairman Wei Jianjun could lose majority control. One possible scenario, according to analysts at Jefferies, would see Wei keeping a roughly 30 percent stake, while Great Wall would raise $10-$14 billion in debt and $10 billion in equity - hefty for a group currently worth just $16 billion. Ultimately, politics could be the clincher.

China-FCA merger could be a win-win for everyone but politicians

NEW YORK — Fiat Chrysler boss Sergio Marchionne has said the car industry needs to come together, cut costs and stop incinerating capital. So far, his words have mostly fallen on deaf ears among competitors in Europe and North America. But it appears Marchionne has finally found a receptive audience — in China. FCA shares soared Monday after trade publication Automotive News reported the $18 billion Italian-American conglomerate controlled by the Agnelli family rebuffed a takeover from an unidentified carmaker from the Chinese mainland. As ugly as the politics of such a combination may appear at first blush, a transaction could stack up industrially, and perhaps even financially. A Sino-U.S.-European merger would create the first truly global auto group. That could push consolidation to the next level elsewhere. Moreover, China is the world's top market for the SUVs that Jeep effectively invented, so it might benefit FCA financially. A combo would certainly help upgrade the domestic manufacturer; Chinese carmakers have gotten better at making cars, but struggle to build global brands, and they need to develop export markets. Though frivolous overseas shopping excursions by Chinese enterprises are being reined in by Beijing, acquisitions that support the modernization and transformation of strategic industries still receive support, and the government considers the automotive industry to be strategic. A purchase of FCA by Guangzhou Automobile, Great Wall or Dongfeng Motors would probably get the same stamp of approval ChemChina was given for its $43 billion takeover of Syngenta. What's standing in the way? Apart from price (Automotive News said FCA's board deemed the offer insufficient) there's the not-insignificant matter of politics. Even as FCA shares soared, President Donald Trump interrupted his vacation to instruct the U.S. Trade Representative to look into whether to investigate China's trade policies on intellectual property. Seeing storied Detroit brands like Jeep, Chrysler, Ram and Dodge handed off to a Chinese company would provoke howls among Trump's economic-nationalist supporters. It might not play well in Italy, either, to see Alfa Romeo and Maserati answering to Wuhan instead of Turin — though Automotive News said they might be spun off separately. Yet, as Morgan Stanley observes, "cars don't ship across oceans easily," and political considerations increasingly demand local manufacture of valuable products.

Ralph Gilles publishes futuristic sketch that lampoons yellow spoiler guards

FCA design boss Ralph Gilles doesn't want to see yellow spoiler guards on future Dodge models. He joined the chorus of internet users urging Challenger and Charger owners to remove the protective strips installed at the factory by telling the story behind a futuristic-looking design sketch on his official Instagram account. The stylist explained the coronavirus work-from-home order isn't stopping his team from organizing design reviews. And, while he's not normally allowed to post images of future products on social media, he decided to make an exception. "This experimental design of a Dodge of the future fell on the cutting room floor ... because the designer decided to make the yellow spoiler guards a permanent part of the theme," he wrote. This isn't the first time Dodge has spoken out against owners who decided to keep the yellow spoiler guards on their car. The company even recently decided to make them pink to curb their popularity. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Looking beyond the spoiler's yellow accents, the sketch depicts what appears to be a coupe with a front end that shares very few styling cues with Dodge's current design language. The round headlights seen on cars like the Challenger are replaced by ultra-thin LED lines, the grille is little more than a gap, and there's a gaping air vent right below it. The entire front fascia is painted black, a look oddly reminiscent of SEAT's Bocanegra models. Sculpted sides, wheels that stick out of the wheel arches, and a glass roof add a finishing touch to the design. Gilles only posted one sketch, so we don't know what the rear end looks like. His team is busily designing the next-generation Challenger, tentatively due out by 2023, but we don't expect it will look like the sketch that surfaced on Instagram. Mark Trostle, Dodge's head of design, previously affirmed the retro lines are here to stay. The four-door Charger is due for a makeover, too, and its design isn't as firmly anchored to tradition as the Challenger's. Time will tell whether the sketch subtly previews the direction Dodge is taking the model in. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.