On Tuesday, at the Geneva Auto Show, FCA CEO Sergio Marchionne noted that Volkswagen Group might be knocking at his door, looking to merge in the face of a more competitive PSA (Peugeot/Opel). This morning, VW CEO Matthias Mueller said there is no interest in talks with Fiat Chrysler Automobiles, saying that VW is "not ready for talks about anything” (according to Reuters).

Mueller said he had not seem Marchionne for months, and that Volkswagen has other problems, including its internal reorganization and a refocusing of its future product plans.

FCA could give Volkswagen Group better penetration of North American and Brazil, but the world's largest carmaker by volume is as well or better positioned just about everywhere else.

Even with the addition of Opel, PSA Group doesn't present a major challenge to Volkswagen's domination of the European market; in 2016, Volkswagen Group was 47% ahead of the combined sales of PSA Group and Opel/Vauxhall.