DETROIT (WKZO) -- Chrysler Group LLC Chief Executive Officer Sergio Marchionne confirmed the automaker will begin to build Jeeps in China for their growing car market.  He says the move is the first step in the "globalization of Jeep" and the company plans to also build the vehicles in Russia as well.

Marchionne pledged to keep production of the Grand Cherokee and the Wrangler based in the U.S. calling them the "pillars" of the Jeep brand.  He also said an initial public offering to sell Chrysler stock on the open market will not happen until the fourth quarter of this year at the earliest.