Fiat Chrysler to build 3 Jeep models in China for local market

Fiat and Chrysler say they will build three new Jeep models in China for the local market, the biggest for Jeeps outside the U.S.

The automakers announced an agreement Saturday to expand the joint venture with China's Guangzhou Automobile Group Co.

Production is expected to begin in 2015 in Guangzhou.

Fiat and Chrysler CEO Sergio Marchionne said the deal represents the next phase in the "expansion on a global scale of the Jeep brand."

In a statement, Fiat Chrysler said Jeep sold more than 731,000 vehicles in 2013 and last month set a record with 85,000 sold. China represents the largest Jeep market outside the U.S. with nearly 60,000 vehicles sold last year.