The automotive industry was rocked earlier this week when reports surfaced a Chinese automaker could be preparing to purchase Fiat Chrysler Automobiles.
The news took many by surprise and the report suggested potential suitors included Dongfeng, Geely, Great Wall, and Guangzhou. There was a lot of speculation about who could become FCA's new owner but it appears at least one company isn't interested.
Speaking with reporters earlier today, Geely executive director Gui Shengyue said "We don't have [any] such plan at the moment." However, he didn't reject the idea entirely as he suggested it would be a good move for other automakers as it "could be a fast track for their development."
Despite the denial, a source told Reuters the company talked with FCA last year but it's not entirely clear what the discussions were about. Geely could have been interested in buying FCA at the time but it appears the automaker is now focused on its Proton investment.
With Geely seemingly out of the running, that potentially opens up the deal to other automakers. The report suggests both Great Wall and Guangzhou have considered making an offer but any potential sale would likely face stiff opposition in the United States.
Analysts estimate FCA could be worth around $20 billion but a deal could include everything from a full purchase to the acquisition of a brand such as Jeep or Ram.
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