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Daimler and Geely collaborate to develop 'a highly efficient modular engine'

BERLIN — German car maker Daimler said on Tuesday it will cooperate with China's Geely to build next-generation combustion engines for use in hybrid vehicles. Efforts to share development costs come as the growth potential for combustion engines faces the twin threat of the COVID-19 crisis and stricter fuel-efficiency and emission rules. "The companies plan to develop a highly efficient modular engine," a spokesman for Daimler said, adding that it would be used in hybrid drivetrains and manufactured in Europe and China. Geely declined to comment. The modular engine will be used in cars under different marques at Geely and Daimler, a person familiar with the matter said on condition of anonymity as the companies are still in the early stages of developing the engine. News of the alliance was a surprise to Daimler's works council at its factory in Untertuerkheim, which specializes in electric and gasoline powertrain assembly. "We are speechless. There was not even a discussion about potential alternative manufacturing locations," said Michael Haeberle, the works council chief for Untertuerkheim. "We have the ability to build four-cylinder engines in Untertuerkheim, but there were no talks about it." Daimler said German factories will be retooled gradually to add electric drivetrains production. Most of the next-generation combustion engines will be made in China, business daily Handelsblatt reported. The alliance with Geely, which owns a 9.69% stake in Stuttgart-based Daimler, means that parts of Daimler's existing partnership with Renault could be pared back. A Renault source told Reuters that the Daimler-Geely project does not mean an end of cooperation between Daimler and Renault. Citing Daimler sources, Handelsblatt said the Daimler-Geely pact would save the German carmaker a "triple-digit million sum" — implying an amount above 100 million euros ($119 million) and less than 1 billion euros. Green Mercedes-Benz Volvo Hybrid Daimler Geely

2025 Volvo S60 the last model year for the sedan in the U.S.

Once Volvo finally got the EX90 headed down assembly lines at the automaker's South Carolina plant, the plant's other product, the S60 sedan, was on borrowed time. A few days after the EX90 news, Instagram account volvo.forlife posted a pic with the caption, "Did you know that with the start of production of the @volvocars #VolvoEX90 at the Charleston, South Carolina plant, the production of the #VolvoS60 will also be coming to an end?" The S60 got about three more days of borrowed time, Volvo telling Road & Track that "After five years Volvo Cars is ending production of the S60 sedan in Ridgeville, South Carolina at the end of June 2024 for the U.S. and some other markets to focus on the all-new EX90." We suspect the sedan would have died earlier if EX90 production had commenced on time. The reprieve could have given the news more time to infiltrate the back channels, and might help explain why S60 sales are up 255% so far this year. Volvo's Chengdu, China plant that also makes the S60 will continue to do so, but those cars aren't coming here. The South Carolina facility can now concentrate on ramping up output of the Volvo EX90, already underway, and the Polestar 3, which commences local shortly. We haven't had an S60 sit through Autoblog exams for a bit, but the the sedan's seen no major revisions since we last drove the current third generation introduced in 2019. We lauded it for fantastic styling, a luxurious interior, and robust tech, dinging it only for a braking system not totally prepared for a driver to enjoy the dynamic potential of a 4,000-pound sedan with 400 horsepower and 472 pound-feet of torque.    That T8 Inscription trim is no more, but the rest of the S60's plaudits remain valid. Until inventory dries up, the S60 comes in three trims priced from about $45,000 to $53,000 before options. All are powered by turbocharged 2.0-liter four-cylinder mild hybrid making a combined 247 horsepower and 248 pound-feet of torque, in front- or all-wheel-drive, and rated to tow 2,000 pounds.    

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.