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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.

Driving the BMW M2 Competition, Honda Odyssey and Toyota RAV4 Prime | Autoblog Podcast #651

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by West Coast Editor James Riswick. This week, they talk about driving the BMW M2 Competition, Honda Odyssey and Toyota RAV4 Prime. Then they discuss James' experience testing the new Yakima CBX cargo carrier, Autoblog readers' preference for the GMC Hummer EV over the Tesla Cybertruck, and Mercedes-Benz taking a larger stake in Aston Martin. Lastly, they help James' father find a new car in the Spend My Money segment. Autoblog Podcast #651 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2020 BMW M2 Competition 2021 Honda Odyssey 2021 Toyota RAV4 Prime Testing the Yakima CBX Cargo Carrier on the Subaru Outback 75% of Autoblog Twitter follower prefer the GMC Hummer EV over the Tesla Cybertruck Mercedes-Benz to boost stake in Aston Martin to 20%, lend it some tech Spend JamesÂ’ fatherÂ’s money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video:

Volvo's oldest model earns IIHS Top Safety Pick+ award [w/video]

Volvo ought to be tooting its horn over this one. The XC90, an SUV that has essentially been on sale for over 10 years, just captured a Top Safety Pick+ award from the Insurance Institute for Highway Safety. The TSP+ is a new title, reserved for cars that earn "Good" or "Acceptable" ratings on each IIHS crash test.
This is a difficult feat for a new car - Toyota's new Corolla infamously failed to net a Top Safety Pick+ earlier this year - largely because of the new small overlap front tests, which have left many automakers struggling. But Volvo, somehow, was able to conquer the tests with a car that predates the original iPhone by a few years. The XC90 earning a Top Safety Pick+ is like Betty White taking the gold in the decathlon. With Volvo in the midst of working on the XC90's replacement, we're curious to see just how well a more modern version does in crash testing. Take a look down below for the crash test video and a press release from IIHS.