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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 Mercedes C-Class owners reporting bleeding seats [UPDATE]

UPDATE: Daimler AG became aware that, in a small number of individual cases, it is possible for temporary spots and/or shiny patches to form on the man-made leather surfaces of the 2015 C-Class in sub-freezing temperatures. No accidents or injuries have been reported, and we have no reason to believe that there are any hazards to customers. Replacement parts are expected to start shipping to dealers by next week. Owners of the 2015 Mercedes-Benz C-Class are learning the hard way that you don't necessarily want to buy a new vehicle in its first model year. Besides reports of poorly fitting taillights and faulty infotainment touchpads, a number of reports are popping up on the forums of MBWorld.org claiming that the compact luxury sedan's seats are, for lack of a better term, bleeding. Owners of US-built, 2015 C-Classes fitted with MB Tex vinyl interiors are reporting a white, oily, shiny residue discoloring their seats that shows up, often after cold cars are quickly heated. It's important to note that this residue is not necessarily staining the seats permanently – warm, soapy water is often all that's needed to restore the original finish. In other cases, the residue disappears of its own accord, only to reappear in an entirely different pattern. That doesn't make things any more acceptable to owners, many of whom have reached out to Mercedes with complaints. It's not clear how many vehicles are affected, but there are a sizable number of forum threads on the issue on MBWorld alone, and the problem is prevalent enough that Mercedes has issued a technical service bulletin to its dealers. According to the forum postings, the TSB instructs service technicians to replace the headrest and seat cover (except for the front, passenger-side seat bottom because of "factory calibration issues") in affected customer vehicles. New C-Class models in dealer inventories, meanwhile, are to get the soapy water treatment if they're showing signs of the residue. Neither one of those moves seems to represent a long-term fix, though. Black MB Tex seats – both the standard and sport variety – seem to be particularly susceptible to the residue, although we stumbled across at least one image of what looks like Silk Beige MB Tex with speckles of residue.

Top 10 small cars with the longest total driving range

Editor's Note: Since this article was originally posted in the spring of 2015, much has changed in the automotive landscape, especially among those shopping for small car economy. With thanks to Volkswagen for their blatant cheating – and subsequent cover-up – on diesel emissions, the largest player in the diesel passenger car segment isn't playing – they're paying; billions are going for both car buybacks and federally-imposed penalties. And for a few VW execs there exists the very real possibility of jail. With the absence of a big player and the abrupt entrance – via Chevy's new Bolt – of an affordable EV with 200+ miles of range, we've limited the diesel listings to Jaguar's new XE. And for those wanting an updated look at efficiency and range, Autoblog has it – or the EPA has it. Long before electric vehicles were part of the mainstream conversation, car lovers and skinflints alike would boast about the total range of their vehicles. There's something about getting farther down the road on one tank of gas that inflames the competitive spirit, almost as much as horsepower output or top speed. Of course, the vehicles with the very best range on today's market are almost all big trucks and SUVs; virtually all have the ability to carry massive reserves of fuel. Top up a standard Chevy Suburban and you can expect to travel almost 700 miles (you'll need to stop before the Suburban stops...), while a diesel-fed Jeep Grand Cherokee manages almost as many. But what about vehicles that are smaller? The EPA has, essentially, three classifications for 'small' vehicles: Minicompact, Subcompact and Compact. All three are measured based on interior volume, meaning that some cars with rather large exterior dimensions and engines slot in next to traditional small cars. But even though impressive GT coupes from Porsche, Bentley and Mercedes-Benz may have much larger gas tanks to feed their powerful engines, that capacity is offset by higher rates of consumption... in most cases. We used the EPA's Fuel Economy Guide for model year 2017 cars as a start, calculating the official highway miles per gallon rating with each vehicle's tank capacity. The resulting numbers aren't necessarily real world, but they do offer a spectrum for total theoretical range. The eventual top ten surprised me on a few occasions, and comprised quite a varied list of vehicles. 10.