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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.

Volvo prices revamped 2014 lineup

Volvo has made quite a few changes to its US lineup for the 2014 model year. The C30 hatchback and C70 convertible are gone; the S60, S80, XC60 and XC70 have all been reschnozzed; and in a few months, Volvo will bring its V60 wagon across the pond for Stateside consumption. Only the range-topping XC90 carries on unchanged, though a brand new version is expected to launch sometime next year.
The S60 starts as low as $32,400 for the entry level T5 model, and reaches as high as $45,700 for the T6 R-Design Platinum trim. The larger S80 sedan starts at $39,900, with its range-topping T6 Platinum version commanding $48,150. XC70 pricing ranges anywhere from $34,500 for the 3.2 FWD to $45,650 for the T6 Platinum, XC60 numbers span from $34,850 to $49,800, and XC90 prices start as low as $39,700 and as high as $45,400. None of these prices include $895 for destination, and pricing for the swoopy V60 wagon has not been released just yet.
While the majority of Volvo's 2014 model year enhancements are visual, some neat updates have been made mechanically, as well. There's a new Advanced Quick Shift mode for the six-speed automatic transmission that's paired with the turbocharged six-cylinder engine, and Volvo says that the S60 R-Design will now scoot to 60 miles per hour two-tenths of a second quicker (5.3 versus 5.5). In the XC60 R-Design, AQS improves 0-60 acceleration by four-tenths of a second, down to 6.2 from 6.6 seconds.

2015 Volvo Ocean Race XC60 priced from $42,100*

Every three years, a half dozen or so teams of sailors embark on an epic eight-month, round-the-world sailboat race formerly called the Whitbread Round the World Race and known since 2001 as the Volvo Ocean Race. This year's event started a month ago in Alicante, Spain, and will end next June at the Swedish automaker's hometown of Gothenburg. And to mark the occasion, just as it has in years past, Volvo has launched a special edition of one of its roadgoing models.
The Volvo Ocean Race XC60 was launched this weekend at the Miami Auto Show. Based on the XC60 crossover we know well, the limited edition is distinguished by its Ocean Blue II paintjob, unique 18-inch wheels, a choice of black or light leather interior with orange stitching and a series of special badges inside and out.
Buyers will be able to choose between the T6 Drive-E and T6 AWD models, priced from $42,100 and $43,600 respectively. That represents a $1,200 premium over models on which they're based, on top of which, Volvo has confirmed in correspondence with Autoblog, the usual $925 destination charge applies.