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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.

Hollywood stars drink hydrogen B-Class F-Cell emission water in Death Valley [UPDATE]

A plug-in electric vehicle can be used to power a house during a winter storm, but if you're more worried about the heat of, say, Death Valley, then maybe you'll want a Mercedes-Benz B-Class F-Cell along. That's the message of a new video from Daimler and starring Diane Kruger (Inglourious Basterds) and Joshua Jackson (Fringe) that promotes the company's hydrogen-powered car. The gist? You can drink the tailpipe emissions. The two Hollywood stars drove in Death Vally without any water in their F-Cell but had a special tank hooked up to the tailpipe to collect the H2O drips as they drove in 100+ degree temperatures. There's a reason these two actors were chosen, since they've been driving an F-Cell in their daily lives for two years, according to the Diamler press release. The text is, shall we say, a bit hyperbolic - "Their lives rely on the emissions of the B-Class F-CELL" it says, totally ignoring the film crew that is obviously along for the ride and more than likely had a few bottles with them. Also, when the California Fuel Cell Partnership promoted the same idea a few years ago, it clarified that, "A fuel cell doesn't produce enough water to fill your glass. ... If fact, fuel cells produce about the same amount of water as gasoline vehicle – about 1/3 cup for a full day of driving." Thus, this whole thing is a Hollywood stunt, but it's a visually effective one. See for yourself in the mini-movie below. UPDATE: Daimler has told AutoblogGreen that there was no "extra Hollywood magic" needed for the water collected in the video. Instead, Madeleine Herdlitschka, who works at global communications for Mercedes-Benz Cars, said, "Considering the technical characteristics, the Mercedes-Benz B-Class F-CELL emits about 9 kg of water vapor per kg of hydrogen while driving. The vehicle has a hydrogen capacity of about 3.7 kg, what is sufficient for a max. of about 400 km of range. A tailor-made construction, designed by the production company Markenfilm Crossing in cooperation with our fuel cell experts, made it possible to collect the water in a tank - previously cooling the vapor with a specially designed pipe system." This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Weekly Recap: Automakers rethink the definition of luxury

Variety is the spice of life, but it's becoming a prerequisite for luxury carmakers in the ultra-competitive US market. The Detroit Auto Show was strong evidence of this reality. It's not enough to offer attractive and well-appointed cars and SUVs anymore. Luxury brands that want to be competitive need to invest in everything from high-powered supercars to clever hybrids. To be relevant, you need to be green and mean – and everything in between. As General Motors product chief Mark Reuss said after the reveal of the 640-horsepower Cadillac CTS-V: "We are not leaving anything on the table." He was speaking for Cadillac, but he might as well have been speaking for the luxury car market. The CTS-V debuted in Detroit about an hour after Lexus surprised showgoers with the reveal of the RC F GT3 race car and then announced ambitious plans to return to competitive racing. That almost overshadowed the fact Lexus had just revealed another potent addition to its growing F line, the 467-hp GS F. View 20 Photos But for luxury brands, it's not just about maximum horsepower for well-heeled enthusiasts or decadent amenities for the Grey Poupon set. Strong competition from all corners has forced automakers to refine and expand their lineups in ways unforeseen even a few years ago. Case in point: Mercedes-Benz finally has an answer to the BMW X6, rolling out the GLE coupe in Detroit. The X6, which blends coupe-like styling cues with some of the functionality of an SUV, debuted in 2008. Back then it was a punchline, but seven years and more than 260,000 sales later, the X6's success has compelled Benz to respond. Mercedes – one of the strongest proponents of diesel technology – also debuted the C350 plug-in hybrid sedan, which promises a range of 20 miles on electricity, though fuel economy figures were not announced. The car pairs Mercedes' well-received 208-hp turbocharged four-cylinder with an electric motor for total output of 275 hp and 443 pound-feet of torque. Meanwhile, Infiniti will add the Q30 hatchback to its lineup by the end of the year, new president Roland Kruger reiterated in Detroit. It's expected to be joined by a crossover variant, and the additions will help strengthen Infiniti in the United States and abroad. "While we're expanding our product line, we're also expanding our market reach," he said. That's something echoed by Jaguar executives, who are preparing to launch the brand's first crossover, the F-Pace, in 2016.