Fiat SpA is in talks for as much as $10 billion in financing from a pool of banks to buy the Chrysler Group LLC stake it doesn’t own and refinance the two automakers’ debt, people familiar with the matter said.
Chrysler Group LLC’s newly redesigned Jeep Cherokee is the “obvious choice” to become the first Jeep built in China in six years and could double the brand’s sales there, according to Mike Manley, head of the sport-utility line.
The Jeep store in south Beijing near the Timberland and London Fog outlets carries the season’s latest offerings of branded shirts, shoes, belts and backpacks. Not for sale here: Jeep sport-utility vehicles.
Fiat SpA, majority owner of Chrysler Group LLC, plans to return Jeep output to China and may eventually make all of its models in that country, according to the head of both automakers’ operations in the region.
Chrysler Group LLC expects to complete a preliminary agreement this quarter to make Jeep brand sport-utility vehicles in China for sale in that market, Mike Manley, Jeep’s chief, said today in an interview.
Chrysler Group LLC’s Jeep, the automaker’s top-selling brand, set a record for global deliveries in 2012 as demand for models such as the Grand Cherokee strengthened in the U.S. and almost doubled in Asia.