2012 Fiat 500 Pop on 2040-cars

Auto blog

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.

Stellantis will build four electric vehicles in Italy, say union reps

MILAN — Stellantis will produce four medium-segment electric vehicles, of different brands, at its Melfi plant in southern Italy from 2024, the UILM union said on Tuesday. Since Stellantis was formed at the beginning of this year through the merger of Fiat Chrysler and France's PSA, production in Italy has been under scrutiny for costing more than elsewhere in Europe. "Stellantis announced that Melfi would be the first plant in Italy to get new models, based on post-2022 business plan," UILM said in a statement after workers' representatives met with the carmaker at Italy's industry ministry in Rome. Future production at Melfi will be based on a single enhanced production line that will merge the two existing ones, the union said, adding the restructuring will leave production capacity at the site unchanged at around 400,000 units. UILM's head, Rocco Palombella, said unions had not received all the answers they wanted as Stellantis was still working on its new business plan. "But the positive element is that the company has not absolutely called for structural redundancies," he said after the meeting. Stellantis Chief Executive Carlos Tavares has said the group would present its business plan late this year or in early 2022. Stellantis, the world's fourth-largest carmaker, gave no details about what was discussed at the meeting. In an earlier statement the company said it was working "with determination and speed" to support the energy transition of all its Italian sites. Italy's Industry minister, Giancarlo Giorgetti, however, said in a separate statement after the meeting that Stellantis had yet to decide where it would build its third electric battery plant in Europe. Stellantis, which already has two battery factory projects in France and Germany, has said adding gigafactories in Europe and the United States would be decided this year. The company is holding talks on this with Rome, as Italy is one of its main production hubs in Europe. Related video: Green Plants/Manufacturing Alfa Romeo Fiat Jeep Citroen Opel Peugeot Stellantis

2016: The year of the autonomous-car promise

About half of the news we covered this year related in some way to The Great Autonomous Future, or at least it seemed that way. If you listen to automakers, by 2020 everyone will be driving (riding?) around in self-driving cars. But what will they look like, how will we make the transition from driven to driverless, and how will laws and infrastructure adapt? We got very few answers to those questions, and instead were handed big promises, vague timelines, and a dose of misdirection by automakers. There has been a lot of talk, but we still don't know that much about these proposed vehicles, which are at least three years off. That's half a development cycle in this industry. We generally only start to get an idea of what a company will build about two years before it goes on sale. So instead of concrete information about autonomous cars, 2016 has brought us a lot of promises, many in the form of concept cars. They have popped up from just about every automaker accompanied by the CEO's pledge to deliver a Level 4 autonomous, all-electric model (usually a crossover) in a few years. It's very easy to say that a static design study sitting on a stage will be able to drive itself while projecting a movie on the windshield, but it's another thing entirely to make good on that promise. With a few exceptions, 2016 has been stuck in the promising stage. It's a strange thing, really; automakers are famous for responding with "we don't discuss future product" whenever we ask about models or variants known to be in the pipeline, yet when it comes to self-driving electric wondermobiles, companies have been falling all over themselves to let us know that theirs is coming soon, it'll be oh so great, and, hey, that makes them a mobility company now, not just an automaker. A lot of this is posturing and marketing, showing the public, shareholders, and the rest of the industry that "we're making one, too, we swear!" It has set off a domino effect – once a few companies make the guarantee, the rest feel forced to throw out a grandiose yet vague plan for an unknown future. And indeed there are usually scant details to go along with such announcements – an imprecise mileage estimate here, or a far-off, percentage-based goal there. Instead of useful discussion of future product, we get demonstrations of test mules, announcements of big R&D budgets and new test centers they'll fund, those futuristic concept cars, and, yeah, more promises.