Chinese automaker FAW Group has refused to comment on a report it is considering bidding for a stake in Chrysler Group.
Go deeper with GlobalData
According to Reuters, the Shanghai-based Oriental Morning Post, citing an unnamed person familiar with the situation, said FAW had sent representatives to the United States to negotiate a deal.
Staff at the FAW Group headquarters’ publicity office refused to comment to the news agency on the report while DaimlerChrysler’s public relations department in Beijing also would not comment.
Reuters noted that Chinese automakers have begun looking overseas for acquisitions, both to expand their market reach and to tap advanced technology and design capacity – Chinese rival Nanjing Automobile Group bought the bulk of Britain’s MG Rover Group’s assets last year while state-owned SAIC holds a 51% stake in South Korea’s Ssangyong Motor.
Last month, Chrysler announced a deal which will see Chery Autombile supply it with small cars for sale worldwide under Chrysler brands.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
