(Yicai Global) Aug. 22 -- Great Wall Motor Co. [SHA:601633; HK:2333] confirmed earlier reports about the company's intention to acquire Fiat Chrysler Automobiles' Jeep, as previously disclosed by its president, and has suspended trading of its shares.

Automotive News reported earlier that Wang Fengying, president of Great Wall Motor, expressed the company's intention to acquire Jeep in an email to Automotive News and said that it approached Fiat Chrysler Automobiles NV (FCA) [BIT:FCA] about the matter and would begin negotiations as soon as possible.

Xu Hui, spokesperson for Great Wall Motor, also said that the carmaker has implied its interest in Jeep but has not made an offer and did not meet with FCA's board of directors.

As for the carmaker's intention to buy Jeep, Xu said, "Our strategic objective is to become the world's largest SUV maker and we will achieve the goal faster by acquiring Jeep, a global SUV brand. We have a strong interest in Jeep and have been noticing the brand for a long time."

Jeep is considered as FCA's most valuable asset and the world's only SUV brand with annual sales topping one million units, retaining the top position in the SUV market for years.

Adam Jonas, an analyst at Morgan Stanley, estimated Jeep's value would reach USD33.5 billion after the spinoff, while FCA can only be sold for USD32 billion as a whole.

FCA is a much bigger company than Great Wall Motor. Great Wall Motor's revenues amounted to USD14.76 billion last year, far lower than FCA's USD131 billion.

Shares of Great Wall Motor in China and Hong Kong rose after the report and closed 2.87 percent and 2.02 percent higher, respectively, yesterday. Prior to the news, its shares in China fell for three consecutive trading days.