920 Mile Evora! Premium Sport Tech Pkg's Sport Ratio Gearbox Navigation on 2040-cars

Auto blog

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 team out of Le Mans, full driver list published

We can scratch off one more car from the list for the 2014 24 Hours of Le Mans. The Lotus T129 LMP1 car has been dropped from the entry list of the 82nd running of the historic race, with organizers citing "a lack of preparation" as the reason. On a more positive note, the list of 168 drivers in 56 vehicles has been officially published for the June 14 race.
Like the Lotus team currently in Formula One, the Lotus T129 uses the iconic British brand's name and colors but is actually built by a separate company. It previously ran a Lola chassis in the LMP2-class (pictured above). The Le Mans organizers claim the car will likely be on display during the 24-hour race, but it won't make it's competition debut until the World Endurance Championship round at the Circuit of the Americas in September. The T129 is being replaced by an Oreca 03 chassis with Nissan power in the LMP2 class, entered by Millennium Racing.
The Lotus' retirement came as the teams had to send in the names of the three drivers nominated to race each car. This year there are racers from 26 countries with the most coming from France (39), Britain (29), the US (17) and Italy (15). The latest tally of entries breaks down to 9 LMP1s, 19 LMP2s, 9 LM GTE Pros, 18 LM GTE Ams and the Nissan ZEOD RC as the experimental Garage 56 entry.

Lotus CEO busted doing 102 mph uses 'Test Driver' defense

A UK police officer busted Lotus CEO Jean-Marc Gales doing 102 miles per hour in a Lotus on the A11 motorway near the carmaker's Hethel HQ. Doing 102 mph in a Lotus isn't a problem. Doing 102 mph in a Lotus in a 70-mph zone, however, is. The even bigger problem for Gales was that according to the sentencing guidelines, the minimum spanking for such hijinks is three points added to the driver's record and a GBP100 fine. The biggest problem for Gales was that he already had eight points on his license for previous offenses. At 12 points, a UK driver can be banned from driving for six months, and Gales did not want to be one tiny point away from that fate. Gales could have explained himself in court, but he had his solicitor, Simon Nicholls, do it for him. Nicholls prepared an arcane quodlibet that could be called the "Test Driver Defense." The premise was that as CEO of a sports car company, Gales felt compelled to test drive his company's newest products, and that Gales' hands-on, wide-open-throttle approach to his job is partly "responsible for the remarkable turnaround in the fortunes of the company." As such, it would be "vital" for Gales to continue doing his work, beneficial to the country as it were. The cheekiest bit came when Nicholls said, "Of course [Gales] was driving very carefully but was not driving in accordance with the speed limit," and that sentencing guidelines are "handrails not handcuffs." The solicitor furthermore suggested that instead of assessing points, the court should issue a 30-day driving ban and a fine. And the court agreed. On top of ordering Gales into the shotgun seat, the magistrate instructed Gales to pay GBP666, plus GBP100 for court costs, and GBP66 for a victim surcharge. That's about $1,400 in US funds, but no points. Then the magistrate said Gales - who wasn't present - should stick to test tracks instead of public roads for his triple-digit duties. The episode proves that Lotus not only knows how to add lightness to cars, it knows how to do the same for justice. Related Video: