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Hyundai says FCA buyout rumor 'totally groundless'

by Justin King

A Hyundai-FCA merger would likely be the world\'s largest automaker, dethroning Volkswagen Group.

Hyundai has flatly denied the latest rumor of a takeover bid for Fiat Chrysler Automobiles.

An unnamed insider claimed Hyundai has formed a strategy to buy FCA at a discount, predicting the company's share price will drop due to lack of new models, "mediocre technology" and failure to develop a deeper EV strategy.

Hyundai is said to be viewed as a more sensible suitor for FCA, providing electric powertrain technology and a better foot into the Korean market in return for FCA's strength in trucks and other segments.

A Hyundai spokesperson has dismissed the allegations, labeling the rumor "totally groundless." The denial may be viewed with suspicion, as the Hyundai-FCA merger rumor has persisted for many months.