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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.

Junkyard Gem: 1984 Volvo 760 Turbo

When it came time for Volvo to replace the aging 200 Series (which debuted in 1974 but looked nearly identical to the mid-1960s-design 140 it was based on), the result was the 700 Series. This car first hit Volvo showrooms in 1982, and the initial models were all upscale 760 sedans with the same PRV V6 engine that powered the DeLorean DMC-12. The cheaper four-cylinder 740 appeared in North America for the 1984 model year, which didn't stop Volvo from selling a 760 with a turbocharged four-banger in the same showrooms. That's what we've got for today's Junkyard Gem, a first-model year Volvo 760 Turbo in a Colorado self-service yard. As it turned out, the 740/760/780 not only didn't replace the 240/260, it didn't even outlast it. 240 sales continued all the way through 1993, while the 760/780 and 740 got the axe in 1990 and 1992, respectively (to be fair, the later 900 Series was based on the 700 Series and was available new here until the very last 1998 S90s and V90s were sold). During the 1984 model year, American Volvo shoppers could choose between a new 240 Turbo (in two-door, four-door, and wagon forms) or the 760 sedan with their choice of oil- or gasoline-burning turbocharged engines. Yes, the 1980s truly were The Turbo Decade. For 1985, a turbocharged version of the 740 sedan was added to the lineup, though that was also the final year here for the 240 Turbo. This engine is a 2.3-liter "red block" four-cylinder, rated at 160 horsepower when new. That was two fewer horsepower than the more angrily boosted 2.2 in the 240 Turbo that year. The 740/760 scaled in at just a few more pounds than the 240, though it seemed bigger at a glance. Supposedly you could get a U.S.-market 760 Turbo with a four-speed manual transmission, but every example I've ever seen had the four-speed automatic. This one racked up just a bit over 200,000 miles during its life. Not bad, though I've found a 740 Turbo wagon that got close to 500,000 miles before ending up in the junkyard. The interior looks decent enough for its age, though I suspect these cloth seats replaced the original leather ones after the cowhide fell apart beneath the High Plains sun. It's hard to get more 1980s than a graphic equalizer/sound effector.  This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Zero to 55 in 7 seconds flat!

Last Volvo XC90 rolls off assembly line in Gothenburg

It was back in 1998 when Volvo set about developing its first SUV. The brief was to build a seven-seater that wasn't "too large", and several design proposals were considered. Three and a half years later Volvo revealed the XC90 at the 2002 Detroit Auto Show and the rest, as they say, is history.
Volvo initially had an eye towards selling 50,000 units per year. It achieved that and then some, selling around 85,000 examples per year between 2004 and 2007. Now, after 12 years and 636,143 examples made - still over that initial target on average despite its lingering age that see it selling just 11,000 units these past few years - the last Volvo XC90 rolled off the assembly line in Gothenburg.
That final example is heading straight to the Volvo Museum adjacent to the factory. But it won't, strictly speaking, be the last XC90. It is the last of that model to be built in Sweden, but a new model is on its way. And the current model will continue to be built in Daqing, China, to be sold locally as the Volvo XC Classic. So if you want to get your hands on a seven-seat Volvo crossover, you'll have to move there. Otherwise you can wait until the end of January 2015 for the new model to begin production.