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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.

Sweden's Prince Carl Philip to race for Volvo in STCC

Prince Carl Philip Bernadotte has it good. He is a member of the Swedish Royal Family, he dates a model and he has been voted by Forbes as one of the "20 Hottest Young Royals." If that were not enough, he is a fairly successful racecar driver. The latter has earned him a spot on the Volvo Polestar racing team for the Swedish Touring Car Championship. The prince will be piloting a race-spec S60 in the 2013 STCC campaign.
Starting in 2008, Prince Carl Philip began competing in the Porsche Carrera Cup, where he placed as high as 11th. In 2010, he finished first in the Porsche GT3 Endurance competition, and most recently, he placed fourth in the 2012 Swedish GT GTB.
As his motorsport career up to this point suggests, the prince is quite serious about racing and the STCC is the next step up. According to Prince Carl Philip, "There is no tougher championship in Sweden and at the same time as I have respect for it, it motivates me greatly." You can read more on Prince Carl Philip's upcoming campaign with Polestar in the press release below.

Next Volvo XC90 design teased

When Volvo took the wraps off its Concept Coupe yesterday, the Swedish automaker said that while "the all-new XC90 is an entirely different type of car, you will recognize the connection instantly when it is revealed next year." We raised our eyebrows at this upon first read, but after seeing these photos, posted on Feber.se, Volvo certainly wasn't joking.
During a press conference where the Concept Coupe debuted, teaser images of the next XC90 were shown, and the connection between it and the conceptual two-door are obvious. The long, T-shaped lighting elements in the slim headlamps are certainly the most noticeable tie between the two vehicles, but the angular lower fascia openings seen here can also be found quite prominently on the Concept Coupe.
Feber.se also has a few images showing the new taillamp and interior designs of the XC90, as well. And not surprisingly, those two facets of the new crossover's DNA are also surprisingly close to the elements found on the Concept Coupe. It's interesting to see how the concept's C-shaped taillamps have been massaged for the more upright design of the XC90's rump, and inside the cabin, it appears Volvo is serious about this vertically oriented infotainment display.