Lets all play the guessing game – FAW denies its after Chrysler

Chinese Car News | Ash | February 28, 2007 at 1:07 am

Yesterday we reported that FAW were after Chrysler, it seems today that FAW arent after Chrysler according (again) to the China Daily:

First Automotive Works Corp (FAW), China’s No 2 auto group by 2006 sales, yesterday denied a report that it would buy Chrysler Group, the floundering US arm of DaimlerChrysler.

The Oriental Morning Post in Shanghai yesterday said State-owned FAW and DaimlerChrysler are in talks to acquire Chrysler, quoting an unnamed source.

However, Gao Yuan, director of FAW’s news center, said it had no plans to buy Chrysler.

“We don’t have the huge amount of money needed to buy Chrysler,” Gao told China Daily.

But according to Forbes, it seems Chery, FAW and SAIC are all chasing a piece of the action.

BEIJING (XFN-ASIA) – Three China-based automakers have separately begun talks with DaimlerChrysler AG about potentially buying its Detroit-based Chrysler unit in order to speed up their global expansion, the South China Morning Post reported, citing unnamed sources.

Shanghai Automotive Industry Corp (SAIC (nyse: SAI – news – people )), Jilin-based FAW Group Corp and Anhui-based Chery Automobile have joined carmakers from around the world in early talks with the German company about acquiring all or part of the third-largest US automaker, the Hong Kong newspaper reported.

Source: Forbes

Ash

Ash came to China at 18 on a whim and never left. Some 10 years later he collected a degree and a family along the way and now focuses his time on watching the Chinese car industry develop. He has witnessed the market change from being minor backyard market in to the world's biggest and most important market for all car manufacturers. You can contact or connect with him via Linkedin by clicking the 'Website' link.