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Geely targeting US market in 2016 with help from Volvo

Following reports that it'd team up with corporate sibling Volvo on a Chinese-market car comes a report from Bloomberg that Geely would reattempt its entry into the US market. The Chinese brand had a display at the 2006 North American International Auto Show, but has been absent from the US scene ever since.
The Geely branded cars will be jointly developed with Volvo, and bank on the Swedish manufacturers reputation for safety and reliability. Geely's CEO, Gui Shengyue, explained, "Our acquisition of Volvo enhanced our image and overseas consumers are seeing us as an international company." This represents a change in rhetoric for the brand, after Geely Chairman Li Shufu hamstrung the idea of a closer pairing, citing fears that an association would harm Volvo's reputation. The news of projects between Geely and Volvo first broke last week, although it's unclear if the cars that end up coming to the US will be the same as those being sold in China.
As we reported last week, Geely is already aiming to be the biggest brand in the Chinese domestic market. With this move to the US market, it's also attempting to overtake Chery as China's largest automotive exporter. According to the Bloomberg report, Geely has already moved 180,000 units overseas, which is extremely close to the 184,800 vehicles sold by Chery in 2012. By 2018, Geely anticipates that 60 percent of its sales will be occur outside of the PRC.

Volvo ditches the diesel engine

Having already committed to producing nothing but electric vehicles by 2030 and being "climate neutral" by 2040, it doesn't come as a major surprise that Volvo will stop building and selling diesel-fueled vehicles next year. Way back in 2017, Volvo signaled its intention to phase out diesel engines due to rising costs of emissions technologies. Still, hearing that the very last Volvo ever to be fitted with a diesel engine will be built "a few months from now" may raise an eyebrow or two and serves as a clear reminder that in a few short years we'll be reading similar press releases about gasoline from the Swedish automaker and many others. There are two clear reasons why Volvo is ditching diesel. The first, according to Volvo Chief Executive Jim Rowan, is that electric is simply better. “Electric powertrains are our future, and superior to combustion engines: they generate less noise, less vibration, less servicing costs for our customers and zero tailpipe emissions,” says Rowan. The second reason behind the decision to depart the diesel market is similarly clear: climate change. Rowan says, "It is high time for industry and political leaders to be strong and decisive, and deliver meaningful policies and actions to fight climate change. WeÂ’re committed to doing our part and encourage our peers as well as political leaders around the globe to do theirs." Highlighting how quickly things have changed for Volvo, the automaker says that the majority of cars it sold in Europe as recently as 2019 were powered by diesel engines. Now, in the year 2023, the company says "that trend has largely inverted itself since then, driven by changing market demand, tighter emission regulations as well as our focus on electrification. The majority of our sales in Europe now consists of electrified cars, with either a fully electric or plug-in hybrid powertrain." Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green Volvo Emissions Diesel Vehicles Electric Luxury

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.