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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.

FCA and UAW deal could mean huge production shakeups

The big labor contract between Fiat Chrysler Automobiles and the United Auto Workers is likely to lead to some very serious production shakeups across the company's North American manufacturing operations. That's according to a new report from Automotive News, which details the sweeping changes at no fewer than five production facilities in Michigan, Illinois, Ohio, Mexico, and Poland. So without further ado, here's what's going where, presented in easy to digest bullet form. Ram 1500 production would move from Warren, MI to Sterling Heights, MI Warren, MI would be retooled for unibody production and would handle the Jeep Grand Wagoneer and could potentially build Grand Cherokees to ease the strain on Detroit's Jefferson North factory Chrysler 200 production would move from Sterling Heights, MI to Toluca, Mexico Dodge Dart production would move from Belvidere, IL to Toluca, Mexic Fiat 500 production, which is currently handled by Toluca, would be concentrated in Poland, where the Euro-spec Cinquecento is built Jeep Cherokee production would move from Toledo, OH to Belvidere, IL to make room for Wrangler and Wrangler Pickup production Like we said, those are some big changes. But, as FCA CEO Sergio Marchionne said in an earlier interview with Automotive News, this kind of shakeup would make a lot of sense. In that August interview the exec said that automakers moved truck production to Mexico because they were "threatened" by the UAW. "The only thing [the UAW] want is to move the truck back. Which is right. If you move the truck back here, which is [the UAW's] domain, [and move] all the cars that we get killed on somewhere else, we could actually make sense of this bloody industry and actually increase the number of people employed in this country and really share wealth because we are making money," Marchionne told AN. News Source: Automotive News - sub. req.Image Credit: Bill Pugliano / Getty Images Plants/Manufacturing UAW/Unions Chrysler Dodge Fiat Jeep RAM Sergio Marchionne FCA toluca warren sterling heights

Dodge closes Caravan order books at the end of this month

After being introduced as the Dodge Caravan in 1983, after debuting a long wheelbase Grand Caravan in 1987, after entering its fifth generation in 2007 and going almost unchanged since then to become the oldest minivan in the segment, after being publicly sent to the slaughterhouse in 2011, again in 2013, and again in 2015 before being pardoned thrice by the automotive governor, this month it's over for good for the best-selling Dodge and best-selling minivan in the U.S. and Canada. At least, according to Mopar Insiders, which credits dealer sources for the news that "the end of the month" will be a car shopper's last chance to order the Dodge Grand Caravan in the states that don't adhere to California emissions. Since the Grand Caravan's 3.6-liter V6 can't clear CARB mandates, Dodge pulled the model from the 13 so-called ZEV states in March this year.  Last summer, an analyst at AutoForecast Solutions told Automotive News that Dodge would cease Grand Caravan production at the Windsor Assembly Plant in Ontario, Canada in May this year. The brief reprieve is said to be related to the coronavirus standstill, Fiat Chrysler not alone in revising its plans to make up for two months of lost production. The new 2020 Chrysler Voyager is the official replacement for the Dodge, being a de-contented Pacifica that returns an old Chrysler nameplate to circulation and is built in the same plant as the Pacifica and Grand Caravan. The Grand Caravan's numbers have come down this year, but Dodge still sold a strong 24,931 units through the first quarter of the year; the kid-hauler has sold less than 100,000 units in a year in the U.S. only twice since 1985, topping six figures for the last four years. In 35 years on sale here, the minivan has hurdled the 200,000-unit marker 19 times. With the order books open until the end of the month and Windsor plant working a single shift and still finding its feet, Grand Caravans will continue to trickle off the lines after May, but not for long.