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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.

Win a Ram TRX and a stunning $4.3 million Lake Tahoe dream home

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. No donation or payment necessary to enter or win this sweepstakes. See official rules on Omaze.   If you’re looking for an insanely capable off-road pickup, as well as a mountain lodge and lake house to store it, look no further, because with this one giveaway you can win a 5,200 sq-ft Lake Tahoe dream home and a Ram TRX.  Win This $4.3 Million Lake Tahoe Dream House and a Ram TRX - Enter at Omaze HereÂ’s what we said about the TRX when we last drove it: “The TRX hardware is firmly in the realm of absurdity, allowing it to attack just about any terrain or surface – assuming it can physically fit through. The 6.2-liter supercharged V8 supplies 650 pound-feet of torque to all four wheels that lets it power out of mud and muck by aggressively flinging it skyward as though it has a vendetta against both the sky above and Earth below. This sort of driving is best done in Mud/Sand mode, as it sets the four-wheel-drive system, throttle response, transmission, suspension and steering into their ideal settings to have the most fun in the slick stuff. It works as advertised. “Going 0-60 mph in 4.5 seconds in a truck so large is already a mind-altering experience, but having the traction and ability to properly launch off-road is where the TRX truly sets itself apart. Those 35-inch Goodyear Wrangler Territory all-terrain tires, developed specifically for the TRX, dig into the mud and dirt, shooting you forward with far less scrambling and scrapping for purchase than youÂ’d expect from such a sloppy surface. The Dana 60 solid rear axle, axle-hop damper and electronic limited-slip differential that Ram claims help those launches are all putting in the work that needs to be done. No matter the terrain, the TRX digs in, growls and shoots where you point it. If youÂ’d rather move sideways, a quick stab of the traction control button relaxes the truck's nannies to do just that. “The suspension is just as hardcore with the Bilstein Black Hawk e2 adaptive dampers and their remote reservoirs making this 6,396-pound lead weight of a truck more agile than it should be, yet forgiving at the same time. Its damping characteristics donÂ’t provide the same pillowy and graceful off-road ride as, say, the Multimatic dampers on the much lighter Colorado ZR2 do, but thatÂ’s comparing apples to oranges on the weight scale.

Consumer Reports no longer recommends Honda Civic

Consumer Reports annual Car Reliability Survey is out, and yes, there are some big surprises. First and foremost? The venerable publication no longer recommends the Honda Civic. In fact, aside from the walking-dead CR-Z and limited-release Clarity fuel-cell car, the Civic is the only Honda to miss out on CR's prestigious nod. At the opposite end there's a surprise as well – Toyota and Lexus remain the most reliable brands on the market, but Buick cracked the top three. That's up from seventh last year, and the first time for an American brand to stand on the Consumer Reports podium. Mazda's entire lineup earned Recommended checks as well. Consumer Reports dinged the Civic for its "infuriating" touch-screen radio, lack of driver lumbar adjustability, the limited selection of cars on dealer lots fitted with Honda's popular Sensing system, and the company's decision to offer LaneWatch instead of a full-tilt blind-spot monitoring system. Its score? A lowly 58. The Civic isn't the only surprise drop from CR's Recommended ranks. The Audi A3, Ford F-150, Subaru WRX/STI, and Volkswagen Jetta, GTI, and Passat all lost the Consumer Reports' checkmark. On the flipside, a number of popular vehicles graduated to the Recommended ranks, including the BMW X5, Chevrolet Camaro, Corvette, and Cruze, Hyundai Santa Fe, Porsche Macan, and Tesla Model S. Perhaps the biggest surprise is the hilariously recall-prone Ford Escape getting a Recommended check – considering the popularity of Ford's small crossover, this is likely a coup for the brand, as it puts the Escape on a level playing field with the Recommended Toyota RAV4, Honda CR-V, and Nissan Rogue. While Ford is probably happy to see CR promote the Escape, the list wasn't as kind for every brand. For example, of the entire Fiat Chrysler Automobiles catalog, the ancient Chrysler 300 was the only car to score a check – there wasn't a single Dodge, Fiat, Jeep, Maserati, or Ram on the list. That hurts. FCA isn't alone at the low end, either. GMC, Jaguar Land Rover, Mini, and Mitsubishi don't have a vehicle on CR's list between them, while brands like Mercedes-Benz, Volvo, Nissan, Lincoln, Infiniti, and Cadillac only have a few models each. You can check out Consumer Reports entire reliability roundup, even without a subscription, here.