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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.

Volvo XC90 successor EV might have been outed in patent images

Motor1 found a trademark application Volvo filed at the EU Intellectual Property Office on June 13 to reserve the name "EXC90." A month later, the Worldscoop Forum for European car fans posted these images, sourced from the same government agency. We can't be certain the two filings are related, but circumstantial evidence points to this being the full-sized XC90's battery-electric successor that will be called the EXC90. Another circumstantial log for the fire is that Volvo ex-CEO Hakan Samuelsson said the coming family transport would start with a vowel. Based on yet another trademark filing from last year and Samuelsson saying Volvo would "give cars a name as you give a newborn child," we've been looking out for the name Embla. But hey, EXC90 Embla would cover all the bases, and it could differentiate the battery-electric XC90 from the hybrid version we know will continue to sell. Rolling with the possibility, the drawings show a crossover taking clear cues from both the current XC90 and the Volvo Concept Recharge design study from November of last year. The headlight design, sold grille and vertical lower intakes look traced from the Concept Recharge. The hood is much more upright, a la the retail XC90, as are the horizontal roof and full-figured sides. In back, the drawings diverge from the XC90 and the concept. The backlight is more raked than that on the XC90, meaning it's far more angled than the upright hatch on the concept. The C-shaped lights are more like units on Volvo sedans, unconnected to the upright light elements beside the hatch glass in the same way the XC90's and concept's are. Below that, there are no visible exhaust outlets, but the ICE-powered XC90 hides its outlets, too. Not long after posting these exterior shots, Worldscoop posted interior shots as well. These represent designs that differ from every Volvo interior save for the inset where the portrait-oriented infotainment screen goes. The left and right steering wheel spokes feature floating inserts. The instrument panel stretches a single vent across its width, removing the vertical vents next to the infotainment screen, and might be reminiscent of the unit in the Polestar in placing the HVAC controls at the bottom of the touchscreen.

2024 Volvo XC60 Review: Ignore the Germans, go Swedish

Pros: Elegant styling and beautiful cabin; spacious for the segment; excellent plug-in hybrid option; solid value Cons: Middling handling; pricey and strange Polestar performance model There's no doubt that European luxury SUVs are dominated by German carmakers. But what if you're looking for something a bit different? The 2024 Volvo XC60 may be the alternative you've been seeking, with unique Scandinavian design inside and out. Add in Volvo's commitment to safety, which should be of particular importance to family-minded shoppers, and the XC60 should have even stronger appeal. The XC60 is available as either a mild-hybrid or a more powerful Recharge plug-in hybrid, which can drive as many as 36 miles on electricity alone. We're certainly fans of the plug-in model, but its significant price premium may have shoppers settling on the more-than-adequate B5 base engine. More likely than not, prospective owners will spend more time configuring the interior. There are several choices of upholstery and interior trim that should fit a variety of tastes, and we're especially fond of the wool blend seats that are available on the Recharge. The XC60 isn't as sporty as the BMW X3, Mercedes-Benz GLC or Audi Q5, but that shouldn't matter much for the typical SUV driver. If you're one of the rare drivers who wants more athletic handling, the Polestar Engineered model should satisfy, but it comes at the cost of ride comfort. Considering the similarly sized Volvo V60 wagon would perhaps be a stronger alternative, including the raised, all-wheel-drive Cross Country model. Whichever route you take, the 2024 Volvo XC60 is a classy, safe and sensible alternative to the more common luxury SUVs. Interior & Technology   |   Passenger & Cargo Space   |   Performance & Fuel Economy What it's like to drive   |   Pricing & Trim Levels   |   Crash Ratings & Safety Features What's new for 2024? The XC60 lineup gets pared down a bit. The base B5 engine is no longer offered with front-wheel-drive and the more powerful B6 engine has been discontinued. There are some additions, though, including an air purifier for Plus and Ultimate trims and laminated windows for the Ultimate. A new Black Edition appearance package also debuts for the top trim. What are the XC60 interior and in-car technology like? Volvo’s attractive and refined shape is mirrored in its stylish, welcoming interiors.