Earlier this week, it was reported that Fiat Chrysler Automobiles (FCA) was about to be bought over by Chinese company Geely. However, Geely executive director Gui Shengyue told Reuters that Geely “(does not) have any such plan at the moment,” putting a stop to speculations.

Understandably, Geely has its hands occupied with its recent partnership with Proton, which the Chinese automaker will be focussing on bringing back into profitability. As for Lotus, Geely aims to broaden the British sports car maker’s reach further throughout the global market.

Geely hasn’t entirely rejected the idea of a company buying FCA, however, as it suggested it would be a good move for other automakers as “a fast track for their development,” Gui Shengyue said. Great Wall Motors and Guangzhou Automobile Group are among the others to have considered tie-ups with FCA, but it’s not clear if they are aiming for an outright purchase of FCA in its entirety, or just part of its assets.

On the other side of the fence, it has been made clear FCA chief executive officer Sergio Marchionne is on the lookout for a partner or buyer with whom the company can manage rising costs for emissions regulations compliance, and for developing electric drive and autonomous technologies.