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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.

Dodge Hornet supposedly snapped inside Alfa Romeo Tonale factory

It appears that someone in Stellantis' Pomigliano d’Arco Assembly Plant in Italy couldn't keep their cellphone to themselves. Video uploaded to the Alfa Romeo Club Italia Facebook page, then quickly removed, purports to show Dodge's brand-engineered version of the Alfa Romeo Tonale in the same factory where the Alfa will be built. The Dodge is expected to be called the Hornet, and there are a few differences between it and and Alfa Romeo, which is understandable. But if the screenshots on Twitter are accurate, then the Dodge looks a lot closer to the Alfa Romeo than perhaps anyone expected. The front fascia and hood fall in line with Dodge's design language. The Alfa grille is replaced by a narrow, stepped upper grille, and the hood is one of the vented units similar to those available for Dodge's R/T performance trims. And as Mopar Insiders noticed, the silhouette of this car's front end matches a vehicle silhouette Dodge showed during Stellantis' 2021 EV Day.   Inside, the Italian brand's crest in the steering wheel center cap is replaced by Dodge's twin slashes, and the steering wheel has been stripped of the large, curved paddle shifters the Tonale showed on its debut. There's still a start/stop button on the steering wheel, but where the Tonale has a driving mode dial on its dash, this supposed Hornet has another start/stop button. Dodge's push-to-start buttons are usually on the instrument panel, so our guess is that the wheel is a holdover for testing. On the center tunnel, the parking alert buttons and Italian Tricolore flag on the Alfa Romeo are replaced by three different buttons.   We've known Dodge has two electrified vehicles on the way, and the Hornet name has been low-key buzzing for two years. Fiat Chrysler applied to trademark the name in the U.S. in March 2020; at the time, it was thought a vehicle with that name could replace the Journey. In 2021, a July rumor out of Italy was the first whisper of the Hornet name being attached to the Alfa Romeo Tonale. In August, when Stellantis CEO Carlos Tavares said Dodge would get a PHEV in 2024, watchers pegged that model as the Hornet. That hybrid powertrain would show a year after the vehicle's launch, the Hornet anticipated as a 2023 model with the Tonale's turbocharged 2.0-liter four-cylinder. That engine could get the same 256 horsepower and 295 pound-feet of torque as the Tonale, or be boosted to satisfy Dodge's performance credentials.

Fiat Chrysler recalls 4.8 million U.S. vehicles for cruise control defect

WASHINGTON - Fiat Chrysler said on Friday it is recalling 4.8 million U.S. vehicles over a defect that could prevent drivers from deactivating cruise control and warned owners not to use the function until they get software upgrades. The Italian-American automaker said no injuries or crashes are related to the large recall campaign but said it had one report of a driver of a 2017 Dodge Journey rental car unable to deactivate the cruise control. Fiat Chrysler, which in 2015 was hit with penalties from U.S. regulators totaling $175 million for safety lapses, did not say how much the recalls would cost. The recall addresses what Fiat Chrysler called an "extremely rare" series of events that could lead to drivers being unable to cancel cruise control. The National Highway Traffic Safety Administration (NHTSA) said on Friday it "strongly encourages vehicle owners to follow a warning" to stop using cruise control on the recalled vehicles until repaired. NHTSA said drivers could overpower the system by forcefully applying the brakes until the vehicle stopped. Fiat Chrysler also said the vehicle could be stopped by shifting into neutral and braking. Fiat Chrysler shares fell more than 2 percent in premarket trading in New York on the recall. Fiat Chrysler noted that at times cruise control systems automatically initiate acceleration to help vehicles maintain driver-selected speeds, including when going up an incline. If an acceleration occurs simultaneously with a short-circuit in a specific electrical network, a driver could be unable to deactivate the function. Fiat Chrysler said vehicles may be placed in park once stopped, at which point cruise-control is canceled. The recall involves a group of gasoline-powered vehicles with automatic transmissions from various model years built from 2014 through the 2019 model year. Most of the vehicles being recalled cover the 2014-2018 model years. Among the vehicles being recalled are the Chrysler 200, Chrysler 300, Chrysler Pacifica, Dodge Charger, Dodge Challenger, Dodge Journey, Dodge Durango, Jeep Cherokee, Jeep Grand Cherokee, Jeep Wrangler and Ram 1500, 2500 and 3500 pickup trucks and Ram 3500/4500/5500 cab chassis trucks. Fiat Chrysler made the announcement going into the busy Memorial Day weekend, which traditionally kicks off the summer driving season.