Great Wall Backs Off on Bid for Jeep

Great Wall Motor Co. concedes there are “big uncertainties” about its interest—and ability—to buy the iconic Jeep SUV brand from Fiat Chrysler Automobiles NV, Bloomberg News reports.

The reality check came only a day after the Chinese carmaker confidently announced its intent to buy Jeep. The company, which is roughly one-tenth the size of FCA in terms of annual revenue, said it would line up other investors to help complete the purchase.

But Great Wall and FCA confirm no discussions have begun. The Chinese company also acknowledges that the deal would face formidable hurdles in addition the cost of acquiring a brand worth an estimated $24 billion.

Bloomberg notes that FCA is unlikely to be wiling to sell Jeep alone. The news service adds that Great Wall also would need to navigate complex Chinese and U.S. approval processes, including a reluctance by the Trump administration to sell a major American asset to a foreign company.