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Geely chairman is now the single biggest investor in Daimler

Li Shufu, the chairman and main owner of Chinese carmaker Geely, has built a stake of 9.69 percent in Daimler AG, the German carmaker said in a regulatory filing on Friday. The stake, worth nearly $9 billion at the current valuation for Daimler shares, makes Li the biggest single shareholder in the maker of Mercedes-Benz cars, trucks and vans headquartered in the German city of Stuttgart. A Daimler spokesman called the stake purchase a private investment by Li. "We are delighted, with Li Shufu, to have won over another long-term investor who is convinced of Daimler's innovative prowess, strategy and future potential," the spokesman said in response to a request for comment. "Daimler knows and respects Li Shufu as a Chinese entrepreneur of particular competence and forward thinking." Li's stake purchase makes him the top shareholder in Daimler ahead of the Kuwait Investment Authority, which owned 6.8 percent as of Sept. 30, according to Thomson Reuters data. Earlier this month, the German newspaper Bild am Sonntag reported that the Chinese industry giant was seeking to become Daimler's biggest shareholder, likely exceeding the 6.8-percent stake of the Kuwait Investment Authority. The paper said Daimler had reportedly turned down Geely's $4.5 billion offer for a 5-percent stake via a discounted share placement, saying that Geely could buy shares in the open market. Institutional investors currently own 70.7 percent of Daimler, and the company already has strong ties to Chinese automakers BAIC and BYD. Bild am Sonntag said the move was intended as a strategic alliance against Apple, Google and Amazon on autonomous and connected cars. And Reuters reported that Daimler wants to have bespoke "robo taxis" on the road quicker than Google's Waymo, and views Geely as a strong partner for that. Geely conversely is interested in Daimler's electric car battery technology, and sources quoted by the German paper say there are plans to establish joint electric car manufacturing in Wuhan, China, to meet China's smog-reducing quotas. Geely is developing the Lynk & Co. brand of electric and hybrid cars. Geely owns Volvo, which has enjoyed a renaissance under the arrangement, as well as the maker of London's black cabs. In December, it bought a stake in AB Volvo, the maker of Volvo trucks.

Car dealers, factories and ports close in the path of Hurricane Florence

Hurricane Florence has caused CarMax to close four stores in North Carolina, South Carolina and Virginia. The closed locations are in Myrtle Beach, Charleston, Winterville and Virginia Beach. It is possible for the company to close more stores, reports Automotive News. Daimler and Volvo have also shuttered their manufacturing facilities in the region to prepare for Florence. The storm is expected to reach North Carolina and South Carolina today or tomorrow. Automotive News says every coastal car dealer it reached on Tuesday was closing, and others not in the projected landfall area were monitoring the situation. There are approximately nine million vehicles in operation in the area that Florence is expected to hit, with a vehicle density of 162 vehicles per square mile. It is likely that not as many vehicles will be lost as during hurricanes Harvey and Irma, as population is less dense; areas affected by those storms had over 300 vehicles per square mile. The chief economist of Cox Automotive told Automotive News that some 20,000 to 40,000 vehicles could end up flooded if Florence keeps its path; however, recent reports have indicated Florence has weakened to a category 2 hurricane on Thursday. Tesla has again unlocked more range for some of its older models to make evacuation easier; the same was done a year ago in preparation for Hurricane Irma. As well as automotive manufacturers and dealers, automotive transport providers are readying for the storm and clearing cargo away. The container and auto terminals at Port Charleston will be closed from Thursday to Saturday, affecting part shipments to the BMW manufacturing facility in Spartanburg; BMW's spokespersons have said no production disruption is expected. Parts are delivered via railroad to Spartanburg by Norfolk Southern, which is also suspending operations for the time being. Vehicle hauler United Road has moved its rigs to safer regions and suspended deliveries, and car carrier vessels are trying to make it away from the storm's path in time. Related Video: News Source: Automotive NewsImage Credit: NASA via Reuters Auto News Plants/Manufacturing BMW Mercedes-Benz Volvo Car Buying

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.