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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.

Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.

Special Dodge Challengers get Hellcat bits to celebrate Mopar's 80th birthday

This year, Mopar is celebrating its 80th anniversary, and it's doing so in two-tone style with this very limited edition Dodge Challenger. Only 160 of these Challengers will be built, with 80 in each paint scheme. Buyers can choose between either Billet Silver or the slightly painful sounding Contusion Blue, each of which gets a hand-painted Pitch Black top half. These Challengers are based on the existing 392 Shaker package, but come with an array of upgrades and tweaks. In addition to the custom two-tone paint, the shaker scoop and rear spoiler are painted in the same color, rather than the usual matte black. The cars come with 20-inch wheels and hand-painted 392 logos on the fenders. The 392 cu. in., or 6.4-liter if you prefer, engine produces the same 485 horsepower and 475 lb-ft of torque as its normal counterpart. This Mopar Challenger will have more access to cold air, though, since it has both the shaker scoop and the headlamp intake from the Challenger Hellcat. At the back, there's also exhaust tips borrowed from the most hellish of Challengers. Or at least the most hellish, so far. View 14 Photos Inside, the changes are more minor. Performance seats are added with embroidered Mopar logos in the backrests. The seats and other trim also feature a silver-colored Tungsten stitching. Naturally, a serial number badge makes an appearance inside, too. Owners will also receive a little box of goodies including a booklet, signed rendering, keychain, additional badge, and a certificate showing the date of manufacture. The overall package is rather attractive, but it isn't cheap. To own one of the few Mopar Challengers, you'll have to fork over $56,885. That's a significant premium over the 392 Scat Pack Shaker, which starts at just $44,890 and makes just as much power. You'll also be able to get a 392 Scat Pack Shaker right away, while the Mopar special edition won't be out until spring. Plus, you may not get it until summer because the hand-painting process takes some time. Of course, for some people, the cost and the wait are worth the exclusivity. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.