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China's Geely says it has no plan to buy Fiat Chrysler — as FCA stock leaps

HONG KONG — Chinese carmaker Geely Automobile denied media speculation on Wednesday that it planned to make a takeover bid for Fiat Chryslerk Automobiles (FCA), the world's seventh-largest automaker. Geely was one of several Chinese carmakers cited in by Automotive News, which said representatives of "a well-known Chinese automaker" had made an offer this month for FCA, which has a market value of almost $20 billion. "We don't have such a plan at the moment," Geely executive director Gui Shengyue told reporters at an earnings briefing, when asked if Geely was interested in Fiat. He said a foreign acquisition would be complicated, but he did not elaborate. "But for other (Chinese) brands, it could be a fast track for their development," Gui added. However, a source close to the matter said FCA and Geely Automobile's parent firm, Zhejiang Geely Holding Group, had held initial talks late last year, without disclosing their nature. The source confirmed Geely was no longer interested in FCA, noting that the parent company had only three months ago announced its first push into Southeast Asia with the purchase of 49.9 percent of struggling Malaysian carmaker Proton, a deal that also included a stake in Lotus. Geel's denial failed to dent FCA's stock. The price of its Milan-based shares has jumped more than 10 percent to a 19-year high since Automotive News first reported on Monday, citing unnamed sources, that FCA had rejected the Chinese offer as too low. FCA stock on the New York Stock Exchange rose sharply on Monday from $11.60 to $12.38 and on Wednesday was trading at $12.84. FCA declined to comment on Wednesday. FCA Chief Executive Sergio Marchionne has repeatedly called for mergers as a way of sharing the costs of making cleaner, more advanced cars, but he has repeatedly failed to find a partner and retreated from his search for in April, saying FCA would stick to its business plan. He has also spoken of spinning the successful Jeep and Ram divisions off from FCA. Europe's largest carmaker, Volkswagen, and General Motors have both said they are not interested in talks with FCA. On Wednesday, Geely Automobile reported a doubling of first-half profit, above expectations, as cars designed with Sweden's Volvo won over domestic consumers. Volvo is a unit of the Zhejiang Geely group, and has recently announced it will share its technology with Geely.

Chrysler recalling 780k minivans over fire risk

Chrysler is recalling 780,000 of its Town & Country and Dodge Grand Caravan minivans from the 2010 to 2014 model years due to the possibility of circuits overheating, which can lead to a fire. Of the 780,000 total vans being recalled, Chrysler estimates that 644,850 are in the US, 106,980 are in Canada, 8,009 are in Mexico, and 20,638 are in other markets. All of the affected vehicles were built between August 25, 2010 and October 31, 2013.
Chrysler's engineers discovered that beverage spills or exposure to moisture (from rain, snow, car washes, and the like) were linked to circuits shorting in the window switch assembly. Short circuits can overheat, and thus, cause a fire.
Chrysler will contact owners and let them know when they may schedule service, at which point, the window switches will be replaced. In the interim, the automaker says that owners may visit their dealers after May 14 to have the switches disconnected.

This 93-car Iowa auction is like a Big 3 classic muscle museum

Bill "Coyote" Johnson has been buying cars since high school and has amassed a collection totaling 113 vehicles, according to NBC 6 News. But time has changed his motivations and priorities, and he's decided to auction 93 of those cars, many of which are classic muscle from Ford, Chevrolet, Dodge, Plymouth and Pontiac. The megasale will take place Sept. 14, 2019, in Red Oak, Iowa, at the Montgomery County Fairgrounds. A 1969 Plymouth Road Runner infected Coyote with a love for Detroit muscle when he was just a teenager, and his desire quickly turned into an obsession. He's spent the past 40 years finding, buying and working on a variety of makes and models. Unlike some collectors, Coyote didn't discriminate against certain brands and has rides from each of the Big 3 automakers. Included in the auction are Camaros, Satellites, Super Bees, Chargers, Challengers, Barracudas, Coronets, GTOs, Mustangs, Cutlasses and others. Possibly the most intriguing aspect of the auction is that all of these cars will be sold as-is with no reserve. Many of them will need work, depending on quality standards, but this seems like a golden opportunity to find a classic car without leaving a bank account in shambles.  The auctions are open for bidding online now, and the full auction will take place on September 14. Check out the full listings and bid at VanDerBrink Auctions.