Geely Denies Plan to Buy FCA

Geely Automobile Co. tells reporters it has no plan “at the moment” to buy Fiat Chrysler Automobiles NV.

The Chinese carmaker was among four cited in an Automotive News report on Monday as having an interest in FCA.

Geely Executive Director Gui Shengyue acknowledges that such a purchase would provide fast-track development for other carmakers. But he adds, without elaborating, that a foreign acquisition would be complicated.

AN cites a source who claims Geely’s parent company, Zhejiang Geely Holding Group, held exploratory talks with FCA late last year. But the source says Geely has since lost interest in buying the Italian-American company.

Geely agreed in May to acquire 49.9% of ailing Malaysian carmaker Proton Holdings Bhd and 51% of the company’s iconic Lotus brand.

The Chinese company also owns Volvo Cars, which helped more than double its net profit in the first half of 2017 to 4.38 billion yuan ($649 million). Unit sales leaped 89% to 530,600 vehicles.