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Geely wants to be a tech-sharing 'friend' of Daimler in $9B bet

Chinese carmaker Geely has built up an almost 10-percent stake in Daimler in a $9 billion bet by its chairman that he can access the Mercedes-Benz owner's technology in the growing battle for the future of automotives. The purchase by Li Shufu, Geely's founder and main owner, means China's largest privately-owned automaker is now the biggest shareholder in Germany's Daimler. Geely said on Saturday there were no plans "for the time being" to raise the stake further. Instead, it will seek to forge an alliance with Daimler, which is developing electric and self-driving vehicles, to respond to the challenge from new competitors such as Tesla, Google and Uber. "No current car industry player is likely to win this battle against the invaders from outside without friends. To achieve and assert technological leadership, one has to adapt a new way of thinking in terms of sharing and combining strength. My investment in Daimler reflects this vision," Li said. "Daimler is pleased to announce that with Li Shufu it could win another long-term orientated shareholder, which is convinced by Daimler's innovation strength, strategy and future potential," the German company said in a statement. Geely officials plan to travel to Stuttgart to meet Daimler executives early next week and also hope to meet top German government officials in Berlin, two sources familiar with the matter told Reuters. The Chinese firm plans to use the meetings to underline that it intends to be a supportive long-term investor, they said. Daimler had no immediate comment on any meetings. Geely and the German economy ministry declined to comment. Chinese investors in German technology companies have tended to take a consensual approach, buying incremental stakes in companies such as robotics firms Kuka and Kion, typically after long consultation with management and other stakeholders. In November, Geely asked Daimler to issue new shares so it could buy a stake, as a way to access Mercedes-Benz technology for electric cars and trucks, including battery technology, to help Geely comply with a Chinese crackdown on pollution. But the German company turned down the offer saying it did not want to dilute existing shareholders, sources at the time told Reuters. Li changed tactics, and quietly amassed a stake of 9.69 percent worth $9 billion at Daimler's current share price.

Volvo announces design updates for XC40 Recharge and single-motor C40

Volvo announced a round of updates to the electric members of its portfolio. It gave the XC40 Recharge a subtle mid-cycle update that brings a new-look front end, among other changes, and it unveiled an entry-level version of the C40 Recharge with one electric motor. It takes a well-trained eye to differentiate the updated XC40 Recharge from the model that's currently in showrooms. Look closely and you'll notice that the lower part of the front bumper is more chiseled, the Thor's Hammer accents in the headlights are more, well, hammer-like, and the body-colored insert that replaces the gasoline-burning model's grille loses its frame. These changes bring the battery-powered crossover in line with the C40 Recharge and with the non-Recharge version of the XC40, which received the nip-and-tucked front bumper in November 2021. Volvo also notes that buyers will also have new upholstery choices, exterior colors, and wheel designs to choose from. XC40 Recharge models also gain pixel LED lighting technology. This system relies on individually-controlled LED elements to illuminate the road ahead without blinding other motorists; in a way, it occupies a middle ground between high and low beams. While this technology has been illegal here for many years, the NHTSA finished making the rules for adaptive headlights in February 2022 so they're on their way. Moving on to the C40 Recharge, a front-wheel-drive version with a single electric motor is now available in some markets as a cheaper alternative to the dual-motor all-wheel-drive model. It's fitted with a 69-kilowatt-hour lithium-ion battery pack, and it offers a maximum driving range of about 270 miles on the relatively optimistic European testing cycle. Volvo notes that charging the pack from 10% to 80% takes about 32 minutes when it draws electricity from a fast charger, but the firm hasn't provided technical specifications (like horsepower). For context, the existing dual-motor C40 Recharge is equipped with a 78-kilowatt-hour battery and its powertrain is rated at 402 horsepower and 487 pound-feet of torque. Its EPA-estimated driving range checks in at 225 miles, and it tips the scale at approximately 4,740 pounds. Volvo also restructured the trim level hierarchy in a bid to reduce complexity and make it easier for buyers to configure a car. Pricing for the updated 40-Series models hasn't been released yet, and neither car has been announced for the American market yet.

Volvo wants this car to be the Crown Vic of global police fleets

It has been years since the last Ford Crown Victoria rolled off the assembly line, but these body-on-frame sedans are still the most recognizable police cars in the US. Volvo is making a strong push in hopes that its XC70 can attain the same level of success as a global police car. As it is, Volvo is a popular choice for police cars in its home country of Sweden, but its cars are also used in police fleets in the UK, Belgium and Switzerland.
With an upgraded chassis, Volvo is looking to attract agencies from around the globe, including the rest of Europe, Asia and even the Americas. Changes over a stock 2014 XC70 include a beefier suspension setup, and the automaker has also tested the police-spec version of the jacked-up wagon in just about all conditions it could encounter in Europe - from the high speeds of the German autobahn to the low traction of Sweden's snowy, winter roads. We doubt we'll see many, if any, of these Volvos policing the streets of the US, but if we do, we're sure it will be in New England, Colorado or North Carolina.