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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.

2015 Ram ProMaster recalled for ignition switch issue

The Basics: Ram is recalling a total of 18,121 examples of the 2015 ProMaster with production dates between October 1, 2014, and June 17, 2015. These include 16,114 of them in the US, 1,498 in Canada, 503 in Mexico, and 6 outside the NAFTA region. The Problem: The ignition switch can intermittently lose electrical contact, and this can potentially cause the vans to stall. If the problem occurs, the vehicles might also lose functionality of the airbags, anti-lock brakes, electronic stability control, and instruments. Injuries/Deaths: None reported. The Fix: Dealers will replace the ignition-switch contact holder. If You Own One: FCA filed the recall with the National Highway Traffic Safety Administration on November 25, and it has 60 days to notify owners about the campaign under federal rules. Until the repair, the company says that turning the ignition off and then back on can fix this problem if the switch loses contact. RECALL Subject : Intermittent Loss of Ignition Switch Contact Report Receipt Date: NOV 25, 2015 NHTSA Campaign Number: 15V799000 Component(s): ELECTRICAL SYSTEM Potential Number of Units Affected: 16,114 All Products Associated with this Recall Vehicle Make Model Model Year(s) RAM PROMASTER 2015 Details Manufacturer: Chrysler (FCA US LLC) SUMMARY: Chrysler (FCA US LLC) is recalling certain model year 2015 Ram ProMaster vans manufactured October 1, 2014, to June 17, 2015. The affected vehicles have an ignition switch that may experience an intermittent loss of electrical contact. CONSEQUENCE: An intermittent loss of contact can result in a vehicle stall and/or a partial or complete loss of the air bags, anti-lock brakes, electronic stability control and/or instrument panel cluster. Loss of functionality of these systems may increase the risk of crash and/or increase the risk of injury in the event of a crash. REMEDY: Chrysler will notify owners, and dealers will replace the ignition switch contact holder block, free of charge. The manufacturer has not yet provided a notification schedule. Owners may contact Chrysler customer service at 1-800-853-1403. Chrysler's number for this recall is R64. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. Statement: Ignition Contacts November 27, 2015 , Auburn Hills, Mich. - FCA US LLC is voluntarily recalling an estimated 16,114 full-size vans in the U.S.

Chrysler's internal documents question Ram quality as workers protest

Chrysler is reportedly having a hard time ramping up production of its 2013 Ram 1500. According to The Detroit News, only 16 of the 58 trucks built at the Warren Truck Assembly Plant during the model's first hour passed final inspection. While quality eventually improved over the course of the day, just over half of the units built on Thursday were approved for shipment. Even with workers ordered to stay late to fix their mistakes, some 1,078 units remained outside the facility with defects. The problem, according to workers at the plant, is morale.
According to the report, Chrysler recently changed the shift schedule at the plant and workers are unhappy with the new situation. The new plan has workers split into three shifts, each covering four 10-hour days. With the shifts staggered, some workers now have to work nights and on Saturdays. Some employees are so upset that they've taken to protesting, though the move isn't sanctioned by the United Auto Workers.
Meanwhile, Chrysler admits there were internal issues with the launch, but that the company was able to contain them. A spokesperson has said "plant quality indicators are getting progressively better."