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Daimler rebuffs Geely offer to buy stake

HONG KONG/BEIJING - Daimler AG has turned down an offer from China's Geely to take a stake of up to 5 percent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks said. A stake of that size would be worth $4.5 billion at current market prices. Although Daimler declined the offer, it told Geely it was welcome to buy shares in the open market, the sources added. Carmakers in China have embarked on a flurry of dealmaking, as they scramble to boost production of electric and plug-in hybrid vehicles ahead of tough new quotas to be imposed by Beijing, which wants to reduce urban smog and lower the country's reliance on oil. People with knowledge of Geely's thinking said the company was keen to access Daimler's electric car battery technology and wanted to establish an electric car joint venture in Wuhan, the capital of Hubei province. Geely, which also owns Swedish car maker Volvo, is still hopeful it can secure a deal in some form over the coming weeks, they added. The two automakers met in Beijing in recent weeks at Geely's behest. There, the Chinese firm, formally known as Zhejiang Geely Holding Group, offered to take a stake of between 3 percent and 5 percent if Daimler would issue new shares at a discount, the sources said. It was not immediately clear what kind of discount for the shares Geely had in mind or whether Geely was interested in buying the shares on the open market. A spokesman for Geely declined to comment. A spokesman for Daimler said the company was "very happy with our shareholder structure at present", but added that it would welcome new investors with a long-term interest in the company. Shares in Daimler were up 1 percent in early Wednesday trade, in line with the broader market.DAIMLER ALREADY TIED TO BAIC, BYD Geely, which has a market value of some $32 billion, is the leading domestic brand in China with a 5 percent market share, according to an analysis by Nomura Securities. A stake of 5 percent would establish it as Daimler's third-largest shareholder behind the Kuwait Investment Authority and BlackRock, who hold 6.8 percent and 6 percent respectively, according to Reuters data.

2015 Malaysian F1 GP springs hot, humid surprises [spoilers]

In the two weeks since Australia both Mercedes and Ferrari spoke of the improved performance from their respective cars. In Malaysia, Ferrari showed it. Lewis Hamilton still put his Mercedes-AMG Petronas on pole position, but Sebastian Vettel got within two whiskers of the Brit, lining up second just 0.074 behind. Afterward, Vettel said Ferrari could win the race if everything went well. But in qualifying we didn't know how much of Ferrari's performance was truly down to the car and how much was down to the wet weather that struck near the beginning of Q2. The rain didn't hamper Nico Rosberg's run – the German said "I just didn't drive good enough" – and he took third spot in the second Mercedes-AMG Petronas. Showing what the Infiniti Red Bull Racing chassis can do when the power unit is working properly, teammates Daniel Ricciardo and Daniil Kvyat grabbed fourth and fifth. Whippersnapper Max Verstappen, in his second race, qualified in sixth with an excellent drive through the rain; just 0.030 behind Kvyat, he said he could have got fifth if he hadn't had a running problem with his brakes. Williams head of vehicle performance Rob Smedley said he wouldn't complain about Mercedes' advantage, but Felipe Massa has spent the whole season so far banging the alarm about Ferrari's pace. He says Williams has lost its straight-line advantage, part of the reason the first Grove car is back in seventh, while Valtteri Bottas is in eighth. Between them was Romain Grosjean in the Lotus, but he got dropped two positions for a pit-lane infraction in Q2, so he'll be tenth. Ahead of him is Marcus Ericsson in the Sauber, who would lead the charge to turn in another surprise for the Swiss team. But the real surprise came from the Scuderia Ferrari, who, on a bright, sunny day proved that they don't need to add water for race-winning pace. While Hamilton got made usual awesome start at the lights, Vettel channeled that other famous German Ferrari driver and immediately cut across the track to intimidate Rosberg, maintaining his second place position into the first turn. Arguably the race-winning move came three laps later at that same turn, when Ericsson plunged in too fast and swapped ends, beaching the rear of his Sauber in the gravel trap. The safety car came out when the recovery truck emerged to retrieve the Sauber, and nearly all of the front-runners took to the pits to swap out of the medium tires. Vettel, however, didn't.

Car2go introduces four-seat Mercedes B-Class vehicles

Easily identified by its huge fleet of blue-and-white Smart Fortwos in cities around the world, Daimler's Car2go car sharing service is growing in Canada – both in the number of vehicles and the doors that they have. For the first time in North America, the company is renting a model with a usable backseat thanks to a new pilot program bringing 75 examples of the Mercedes-Benz B-Class to Toronto, Vancouver, and Calgary. The point of adding these hatchbacks to the ranks is to offer an option for those seeking more than the paltry room that the ForTwo offers. Car2Go imagines people using the B-Class to haul extra people in the back or just for the added cargo space. The vehicles wear the same blue-and-white look as the rest of the fleet, but they're specially identified for users in the smartphone app. Best of all, for this pilot program, their rental cost is the same 41 cents per minute as the tinier Smarts. The car sharing service has already started testing the waters of offering the B-Class in Germany. Its Car2Go Black pilot program was announced last year and placed 100 of the hatchbacks in both Berlin and Hamburg. car2go Just Got A Lot More Spacious Carsharing Leader Introduces Four-Door Vehicles For The First Time In North America AUSTIN, Texas, Sept. 28, 2015 /CNW/ -- car2go N.A., LLC, the market leader for one-way carsharing in Canada, announced today that car2go will be introducing 75 four-door vehicles to its fleet in Toronto, Vancouver and Calgary. The pilot program, which officially launches today, provides over 300,000 car2go members in Canada exclusive access to the Mercedes B-Class vehicle, a roomy, versatile alternative to car2go's signature smart fortwo vehicle. The new four-door vehicles are also equipped with the latest car2go technology, allowing members the ability to control their entire car2go experience seamlessly through the official car2go smartphone app. car2go will be introducing 75 four-door vehicles to its fleet in Toronto, Vancouver and Calgary. CLICK TO TWEET: car2go introduces Mercedes vehicles in Canadian markets for the first time http://c2g.cc/Gdscbf "As our members embark on new life chapters – whether moving to a new residence or growing their family – we want to continue providing an affordable and convenient transportation option that allows them to go wherever life takes them," said Paul DeLong, President and CEO of car2go N.A.