Why Fiat Chrysler May Need to Split Into Multiple Companies

The chances of a full-blown sale of Fiat Chrysler (FCAU) - Get Report are low, even though the company has been hoping to combine with General Motors (GM) - Get Report .

Without a sale, another option is for the company to split up. Morgan Stanley analyst Adam Jonas suggests the company's Jeep brand is worth more than Fiat Chrysler's market cap.

Fiat Chrysler shares are up roughly 20.3% over the last 12 months. Shares slumped on Thursday amid allegations the company violated emissions standards.