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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.

UPDATE: 8 Ram 1500s stolen, 2 recovered in Warren factory heist

UPDATE: Police and FCA report that the correct number of stolen Ram trucks was eight. Two of them were later recovered — a red truck that apparently ran out of gas, and a white truck that was discovered behind an abandoned building in Detroit. Neither of those trucks showed damage from breaking through the factory gate. Police are now investigating the raid as a possible inside job by current or former employees. "We do believe there was a good possibility that there was inside information given to the persons responsible for the thefts," Warren Police Commissioner Bill Dwyer told the Detroit Free Press. "That would include possibly a former or current employee. Obviously they knew where they were going, what they were looking for, what area to cut the fence and get into the lot where vehicles were parked. This was not a random, all-of-a-sudden thought or idea. It was well-planned for probably several weeks." Previous story appears below: Thursday morning, a group of thieves broke into the grounds of Fiat-Chrysler's truck assembly plant in Warren, Mich., where the Ram 1500 is built, and stole roughly 10 brand-new trucks, according to the Detroit Free Press. The newspaper reports that the thieves drove to up a fence in a pickup truck and cut through to get on the property. They then gathered up trucks and drove right out through the main gates. With a starting price of just over $33,000 for a base Ram 1500, the thieves got away with at least $300,000 worth of trucks. The trucks have yet to be found, and it might still be a while. Warren Police Department Commissioner Bill Dwyer told Detroit Free Press that they haven't received any tips on the vehicles. "We have absolutely nothing," said Dwyer. "Why aren't they calling me? We can't do an investigation if they're not working with us." They're still waiting on FCA to give them a list of the trucks' VINs and colors, as well as an exact number instead of the current estimate of 9 to 11. It's not clear if the keys were in the trucks, but an FCA spokesperson told the Free Press, "The company will be assessing security measures at the location and implementing any necessary changes to prevent future incidents." Dwyer said that the heist "was well-planned," and that the vehicles have probably been taken to a pre-arranged location such as a warehouse. It was likely part of an order for stolen trucks, but it's not clear if a crime ring or syndicate is involved.

Trump tells Detroit 3 CEOs he wants more US jobs, calls environmentalists 'out of control'

As expected, President Donald J. Trump met with top executives from FCA, Ford, and General Motors this morning as part of a larger push to generate jobs in America. "I want new plants to be built here for cars sold here!", Trump said in a tweet ahead of the meeting. Not everything said in the meeting was made public, but the President later tweeted that he had a "Great meeting with automobile industry leaders." FCA CEO Sergio Marchionne, Ford chief Mark Fields, and GM's Mary Barra all echoed the positive vibes after the meeting. In a statement, Barra called the discussion "very constructive and wide-ranging," adding that it focused on "policies that support a strong and competitive economy and auto industry," and "that supports the environment and safety." That's noteworthy, because Trump is reported to have said "I am to a large extent an environmentalist. I believe in it, but it's out of control." Fields, speaking to reporters after the meeting, said, "We're excited about working together with the president and his administration on tax policies, on regulation and on trade to really create a renaissance in American manufacturing." The Ford CEO was specifically talking about Trump's withdraw from the Trans-Pacific Partnership. "We've repeatedly said that the mother of all trade barriers is currency manipulation, and TPP failed in meaningfully dealing with that, and we appreciate the president's courage to walk away from a bad trade deal," he said. Marchionne focused on American manufacturing in his statement after the meeting. "I appreciate the President's focus on making the US a great place to do business. We look forward to working with President Trump and members of Congress to strengthen American manufacturing." Perhaps equally as interesting as what was said and who was invited are what wasn't said and who wasn't invited. Trump has been very vocal about his distaste for US automakers' plants in Mexico, but no mention was made of the North American Free Trade Agreement by Trump or any of the Detroit CEOs after the meeting. We also have to wonder if Trump plans to meet with representatives from German, Japanese, and Korean automakers that have made massive investments into American plants and produce a large number of cars in this country. Related Video: News Source: Reuters, General Motors, Fiat Chrysler Automotive, Donald J.