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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.

Lotus rolls out new and improved Evora 400

Having canceled its overly ambitious plans, Lotus is going to have to get by on its existing lineup for a while longer. But if this is what "getting by" looks like, count us in. What you see here is the Lotus Evora 400, the latest evolution of Hethel's 2+2 sports car and the fastest, most powerful production model the legendary British automaker has ever offered. Lighter and more potent than previous versions of the Evora, the new 400 packs a revised 3.5-liter supercharged V6 with – you guessed it – 400 horsepower, or 55 more than the Evora S, and backed up by 302 pound-feet of torque. In pursuit of its founder Colin Chapman's enduring ethos of "adding lightness," Lotus has found nearly 50 pounds of excess weight to trim from an already lean machine. While they were at it, the engineers also tweaked the electronics, re-adjusted the suspension, fitted a revised aero kit for increased downforce, bolted in a new limited slip differential, retuned the gearbox and mounted new brakes. The styling has also been revised inside and out, with new doors allowing for easier ingress and egress as well as more interior space. The result of all these improvements – aside from making the Evora look cooler – is a 0-60 time now quoted at 4.1 seconds, a top speed quoted at 186 miles per hour and a lap time of the Lotus test track a full (and very impressive) six seconds faster than its predecessor. Lotus is increasing its workforce by 50 percent in order to increase output at its UK factory from 45 cars per week to 70 in the coming months, and will distribute the new Evora 400 through an expanding dealer network that's set to grow from 168 locations worldwide at present to around 200 by year's end. THE ALL NEW LOTUS EVORA 400 - All new supercar from Lotus - Fastest and most powerful production Lotus ever - Lighter and more efficient than before The new Lotus Evora 400 is the latest pure and focused supercar from Lotus, combining high performance with the legendary Lotus benchmark handling. It is faster and dynamically more capable than the previous Lotus Evora leading to greater agility and a more involving drive. Maximum speed is 186 mph (300 km/h) and acceleration 0-60 mph is just 4.1 seconds (0-100 km/h in 4.2 seconds). This enables the new Lotus Evora 400 to lap the challenging test track at the Lotus Headquarters in Hethel, Norfolk, a scintillating SIX seconds faster than the previous model.

Lotus teases its sleek Type 130 electric hypercar

Lotus has shown a teaser image of a new concept, which will usher in the automaker's electric era. The Type 130 hypercar concept will be shown later this year in London, but this aerodynamic teaser is the first glimpse at its shapely flanks. The Type 130 is said to be in "advanced stages of development." According to Lotus, the Type 130 will spawn a production version, which will be the brand's first all-new vehicle in 11 years. It will be partially bankrolled by Lotus' parent company, the Chinese carmaker Geely, which also owns Volvo. Despite that, the hypercar will not be built in China, but in England. An earlier Autocar article estimated the eventual price at around $2.6 million. Last month, news broke that Lotus is also bringing another new car to market, but that one is likely to retain internal combustion technology along with engineering ties to older Lotus architecture, as it forms a sort of "bridge" between current Lotus products and its future cars. Hence, it can't be called "all-new" in the same sense as a fully electric halo model can. Lotus also noted some of its "firsts" when informing the media of the upcoming concept, which it calls "the world's first full-electric British hypercar." The 1995 Elise was the world's first aluminum and bonded extrusion construction production car, while the 1957 Elite was a production first in the sense that it first brought the composite monocoque within the reach of customers. Between those, there was a lot of groundbreaking F1 knowhow: ground effects for the '77 Type 78 F1 car, carbon fiber for the '81 Type 88, and active suspension in 1983.