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Weekly Recap: New bosses try to jump-start Cadillac and Lincoln

Both of America's domestic luxury brands seem to be stuck in neutral.
It's ironic that Cadillac and Lincoln got new bosses within days of each other this month. It's also a commentary on the fact both of America's domestic luxury brands seem to be stuck in neutral.

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.

The Dodge Demon sheds some weight in pursuit of speed

The Dodge Demon teaser train isn't stopping until it hits New York City. In case you need a reminder, the upcoming Demon is the more pedestrian Hellcat's stripped-down and hopped-up sibling that promises to be built for the sole purpose of traveling a quarter-mile mile quicker than any of its rivals. The weekly video rollout on www.ifyouknowyouknow.com continues with the latest sneak peak, "Reduction." While there were early rumors that the Demon may pack an all-wheel-drive system and in turn gain enough grip to rotate the Earth underneath it, Dodge and SRT look to be going down a simpler route. The press release reveals the Demon is 200 pounds lighter than the standard Hellcat. It's unclear where all that weight is coming from, but at nearly 4,500 pounds, the Challenger Hellcat could stand to go on a bit of a diet. The video hints at adjustments to the wheels, steering, suspension, and brakes, as well as some modifications to the car's interior. Don't be surprised if the Demon is a bare bones stripper model with no back seat, no A/C, and no radio. Who needs music when you have 2.4-liter supercharger and a 6.2-liter Hemi V8 making sweet love under the hood? Related Video: Image Credit: FCA Design/Style Marketing/Advertising New York Auto Show Dodge Coupe Future Vehicles Special and Limited Editions Performance dodge demon dodge hellcat