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Daimler and Volvo could jointly develop internal combustion engines

BERLIN — Luxury German carmaker Daimler and Volvo, owned by China's Geely, are considering cooperating to cut the costs of developing combustion engines, a magazine reported on Sunday, citing unnamed company sources. The Automobilwoche weekly cited a Volvo manager as saying there were initial talks with Daimler, but no concrete plans, while a company spokesman said it was too early to talk about firm projects, although it was not excluding anybody. A Daimler spokesman said the company's cooperation with Geely, which owns a 10% stake in the German carmaker, was developing in a positive way, but declined to comment further. Global tariffs, accelerated by a trade war between China and the United States, as well as higher investment requirements for electric and autonomous vehicles, are forcing carmakers to seek new ways to cut and share costs. In October, Volvo said it would merge its engine development and manufacturing assets with those of Geely, creating a division to supply in-house brands and also potentially others with next-generation combustion and hybrid engines. Automobilwoche said this new division would start operating by the end of March, which could be a possible starting point for cooperation with Daimler, while a further step could be a partnership to develop electric power trains. Geely and Daimler have said they plan to build the next generation of Smart electric cars in China through a joint venture and the two companies are also cooperating on a premium ride-hailing service in China. Geely bought Volvo Cars in 2010 from Ford, allowing the Swedish brand to operate on an arms-length basis. But in recent years, it has deepened cooperation between the two brands. Volvo already supplies engines to some Geely-branded vehicles, sharing technology through Geely's Lynk brand. Both companies share and develop common vehicle platforms. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Zetsche's CEO tenure extended through 2016 at Daimler

There appear to be two takes on Daimler CEO Dieter Zetsche having his contract extended for three more years, to 2016. A report in The Detroit News quotes the chairman of Daimler's supervisory board, Manfred Bischoff, talking up the stability at the top, "With today's extensions of the contracts of Dieter Zetsche and Thomas Weber, we are maintaining the important continuity at the top executive level." Bischoff also stated that that Zetsche has a plan to "further enhance Daimler's overall performance."
Over at Reuters, though, the three-year extension was seen as a lack of complete confidence in Zetsche's plans, since his contract was supposedly meant to be extended by five years. A spokesman said the board decided to extend executive contracts by only three years if the person was 60 or would turn 60 during the contract, but that was news to observers. Zetsche wants to make Mercedes-Benz the top selling luxury manufacturer globally by 2020, but has fallen to third place behind Audi and BMW. It hasn't held the top spot 2005, and investors judged it valued at half that of BMW at the end of 2012 once Daimler's truck business was subtracted.
Analysts cites the fact that Daimler stock hasn't bested its rivals but twice in twelve years, and that the company revised its profit target downward last year by nearly one billion euros, warning of stagnant earnings this year and will miss its original margin target for 2013.

Mercedes driver Lewis Hamilton buys LaFerrari

Lewis Hamilton has driven some of the fastest cars ever devised, like the McLaren MP4-23 with which he won the 2008 Formula One World Championship, the Mercedes W05 with which he won the title last year, and the new W06 he drove to the checkered flag in the season opener earlier this month. But what does he drive in his spare time? According to the latest reports quoting his boss Toto Wolff, the reigning champ celebrated his win at the Australian Grand Prix by ordering a new LaFerrari. The seven-figure, 950-horsepower hybrid hypercar may be made by a rival manufacturer to the team for which he drives, but then his employers at Mercedes don't (for the time being at least) build anything that competes in the segment – unlike his former employers at McLaren that offer the similarly potent P1. Something tells us he won't be invited to drive it at Fiorano, though - which is something his rivals Fernando Alonso, Kimi Raikkonen and Sebastian Vettel have all had the chance to do. Hamilton has a long-established penchant for driving twelve-cylinder exotic supercars in his spare time. At his previous place of work, he was promised an exceedingly rare McLaren F1 LM – valued at some $4 million – but only if he won three world titles for the Woking-based team. He also owns a Pagani Zonda that was made specifically for him with a 760-horsepower engine (supplied, naturally, by Mercedes) and a six-speed manual – complete with a clutch pedal, which (apart from starting off the line) is something he doesn't usually get to operate during working hours. Related Video: