Fiat Chrysler Automobiles (FCAU) - Get Report is said to be considering spinning off its upscale Maserati and Alfa Romeo brands as well as its components and parts operations in an effort to increase the value of its mass-market cars, Bloomberg reported.

The move to focus on mass-market appeal would make Fiat more attractive for a potential combination with a competitor and unlock value for the underperforming company, according to insiders. The Italian-American automaker's luxury operations unit is worth as much as $8.3 billion.

Under current proposals, Fiat would keep its massively popular Jeep brand as an anchor for its mass-market business. Jeep has recently attracted interest from China's Great Wall Motor Co (GWLLY) , but that company said there were "big uncertainties" that it would pursue a transaction.

Executives are still mulling options for the $20.5 billion-market-cap company, but decisions about any sales or spinoffs are likely to be made by the beginning of next year.

Fiat Chrysler stock traded up 3.6% premarket Wednesday to $13.96.

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