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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.

Detroit Electric SP:01 electric Lotus project not dead yet

Detroit Electric is still on board to produce the Lotus Exige-based SP:01 electric sports car, which has been delayed more than once already. According to the carmaker, the SP:01 prototype is currently undergoing testing at a facility in Europe, as we can see in the above photo provided by Detroit Electric. Details about the production schedule and on-sale date for the SP:01 are still unclear, but Detroit Electric says it will announce more about that in the coming weeks. Production was originally supposed to begin last year, but was delayed when plans to build the car in Plymouth, MI fell through. Production is now planned to take place in Holland, but there's still potential for future models to be made in Detroit. The company has stated that the SP:01 will come with a base price tag of $135,000. Like the Tesla Roadster, the Detroit Electric SP:01 uses a Lotus chassis. The car's electric motor provides 201 horsepower and 166 pound-feet of torque to the rear wheels, pushing the car to 62 miles per hour in 3.7 seconds, with a top speed of 155 mph. Range on a full charge is said to be more than 180 miles. The SP:01 has been off to a bit of a rocky start, but this bit of news shows there's still life in the project. Let's just hope it all continues smoothly. See what Detroit Electric has to say for itself in the press release below, or check out our original post about the SP:01 for all the details about the car. World's Fastest Production Electric Vehicle Prepares for Launch Detroit Electric, the international electric vehicle manufacturer, is finalising dynamic testing of its SP:01 pure-electric sportscar at a facility in Europe ahead of its introduction in several world markets. The lightweight, two-seat, rear-wheel-drive, open-top sportscar promises to thrill the EV market with its blistering performance and exhilarating dynamics. This latest version of the SP:01 has seen additional development work carried out by Detroit Electric's engineers and designers since a pre-production version of the vehicle was revealed to the media at events in Detroit, USA, and Shanghai, China, last year. Further details of the car and Detroit Electric's production and sales plans will be announced in the coming weeks. Related Gallery Detroit Electric SP:01: Live View 11 Photos Related Gallery Detroit Electric SP:01 View 9 Photos News Source: Detroit Electric Green Lotus Electric prototype testing detroit electric detroit electric sp:01 sp:01

Lotus to produce new crossover in China

Lotus and its parent company recently signed a joint-venture agreement with Chinese automaker Goldstar to build vehicles in China for local consumption, and according to the latest report from Autocar, it'll all come down to a new sport-ute. That's because the market for C-segment compact crossovers in China is huge. So big that it's impossible for Lotus to ignore. Porsche is reportedly selling 30,000 Macans in China alone each year, and is expected to reach 50,000 per annum there in the near future. "Six million SUVs will be sold in China this year, and more than half of those are C-segment models," Lotus chief Jean-Marc Gales told Autocar. "That figure is forecast to rise to eight million in four years. C-segment SUV sales alone will be bigger than the entire German market." Little wonder, then, that Lotus and Proton are keen to dive in. Technical details for the new Lotus crossover are still being worked out, but we'll likely be looking at a steel monocoque chassis clad in composite and aluminum body panels, riding lower than a Macan and weighing a good 400-500 pounds less. Power will likely come (at least initially) from the same 1.8-liter four and 3.5-liter V6 that power Lotus' sports cars, but driving all four wheels. A hybrid system could follow, and the finished product is likely to adopt a nameplate starting with the letter E – in the grand tradition of the Elise, Exige, Evora, Esprit, Europa, Elan, et al. According to Gales, "Our car will drive beautifully. It will be supple and comfortable but the emphasis will be on handling. It will be the lightest and fastest of its class on the track." This would be the first crossover Lotus would design, engineer and actually bring to market, but not, strictly speaking, the first time it has toyed with the idea. There was the APX concept (pictured here) it showcased in 2006 and the T5 that Proton essentially licensed Chinese automaker Youngman to build with Lotus' name on it. But the former was never put into production and the latter wasn't a proper Lotus. The design is currently being worked out before a prototype can be put together so that the joint venture can get the manufacturing license it needs from the Chinese government. So we're likely looking at another year or two before we see something solid. "Let's get the design right, then make a prototype," said Gales. "Let's make it beautiful and very light.