DETROIT: Fiat, Chrysler and a Chinese automaker announced that they had signed an agreement to expand vehicle manufacturing in China and produce the Jeep for sale in that market.
The companies said the deal was signed at Chrysler Group LLC’s headquarters in the Detroit suburb of Auburn Hills.
It was announced as Guangzhou Automobile Group Co. discussed its plans during press days at the North American International Auto Show.
A joint venture between GAC Group, Fiat Group Automobiles SpA and Chrysler Group International LLC currently builds the Fiat Viaggio and distributes models such as the Fiat 500, Freemont and Bravo in China. Production of more Fiat models is planned.
“The expansion of the agreement with our GAC partners will allow us to unleash the potential of both our Fiat and Chrysler Group brands in China,” Jeep President and CEO Mike Manley, who also is chief operating officer for Fiat SpA’s Asia Pacific region, said in a statement.
The companies say the venture’s next step will be to build Jeeps in China for the Chinese market. Jeep already sells several models in China, including the Grand Cherokee, Wrangler and Compass, but they are imported.
Jeep has said volume would be incremental to start.
“This agreement is another milestone of our partnership with Fiat and Chrysler Group,” Zeng Qinghong, general manager of GAC Group, said in a statement.
“It definitely creates the basis for our JV to reach very ambitious objectives in Chinese market.”
Chrysler is owned by Italian carmaker Fiat.
Details of which Jeep model might be built first or when production might start weren’t specified. After GAC Group’s news conference, however, Qinghong told reporters that the hope is for production to begin in 2014. He said increasing demand for Jeeps is expected.
In Detroit, Guangzhou showed three vehicles currently built under its Trumpchi brand, but Qinghong said it has no immediate plans to sell in the US.
Automakers agree to build Jeeps for Chinese market
Automakers agree to build Jeeps for Chinese market
Closing Bell: Saudi main market sheds 85 points to finish at 11,098
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06.
The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.
Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).
Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.
Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30.
On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.
Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50.
On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.
The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.
The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.
The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session.
Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.
Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.
Tadweer shares last traded at SR3.80, up 2.70 percent.
