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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.

Volvo unveils all-new user interface destined for next-gen XC90 [w/video]

Take a close look at the cabin of the Volvo Concept Estate shown above. One of the big features on the fancy, brown shooting brake is an all-new user interface called, well, it doesn't really have a name, at least not one Volvo is revealing.
The refreshingly nameless system looks seriously impressive based on the short video that accompany's the system's press release. The jewel of the whole interface is a sizable touchscreen that manages most every in-car function save for a few vital functions like volume, hazard lights and other systems that still demand a more tactile interface.
"The basic idea is to organize controls and information in a perfectly intuitive and user- friendly way. Everything is exactly where you expect it to be, making the drive more enjoyable, efficient, and safe," Thomas Ingenlath, Volvo's Senior Vice President of Design, said in a statement.

Volvo shuts down Gothenburg plant due to chip shortage

STOCKHOLM — Volvo Cars, owned by China's Geely Holding, will temporarily stop production at its Swedish plant in Gothenburg due to the shortage of semiconductor chips, it said on Wednesday. A global chip shortage has hit manufacturing, with automakers cutting down on production and electronic device makers struggling to keep up with a pandemic-led surge in demand for phones, TVs and gaming consoles. "Production at Torslanda will be paused temporarily from this evening due to a material shortage linked with the semiconductor issue," Volvo Cars said in an emailed statement. "Production will restart as soon as possible, at the latest before next week," the Swedish carmaker, which in June halted production at its Belgian plant in Ghent for a week, said. Volvo Cars, which last month reported a return to profit in the first half as demand for electric cars grows, is considering listing on the Nasdaq Stockholm stock exchange this year. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.