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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.

NHTSA, IIHS, and 20 automakers to make auto braking standard by 2022

The National Highway Traffic Safety Administration, the Insurance Institute for Highway Safety and virtually every automaker in the US domestic market have announced a pact to make automatic emergency braking standard by 2022. Here's the full rundown of companies involved: BMW, Fiat Chrysler Automobiles, Ford, General Motors, Honda, Hyundai, Jaguar Land Rover, Kia, Mazda, Mercedes-Benz, Mitsubishi, Nissan, Subaru, Tesla, Toyota, Volkswagen, and Volvo (not to mention the brands that fall under each automaker's respective umbrella). Like we reported yesterday, AEB will be as ubiquitous in the future as traction and stability control are today. But the thing to note here is that this is not a governmental mandate. It's truly an agreement between automakers and the government, a fact that NHTSA claims will lead to widespread adoption three years sooner than a formal rule. That fact in itself should prevent up to 28,000 crashes and 12,000 injuries. The agreement will come into effect in two waves. For the majority of vehicles on the road – those with gross vehicle weights below 8,500 pounds – AEB will need to be standard equipment by September 1, 2022. Vehicles between 8,501 and 10,000 pounds will have an extra three years to offer AEB. "It's an exciting time for vehicle safety. By proactively making emergency braking systems standard equipment on their vehicles, these 20 automakers will help prevent thousands of crashes and save lives," said Secretary of Transportation Anthony Foxx said in an official statement. "It's a win for safety and a win for consumers." Read on for the official press release from NHTSA. Related Video: U.S. DOT and IIHS announce historic commitment of 20 automakers to make automatic emergency braking standard on new vehicles McLEAN, Va. – The U.S. Department of Transportation's National Highway Traffic Safety Administration and the Insurance Institute for Highway Safety announced today a historic commitment by 20 automakers representing more than 99 percent of the U.S. auto market to make automatic emergency braking a standard feature on virtually all new cars no later than NHTSA's 2022 reporting year, which begins Sept 1, 2022. Automakers making the commitment are Audi, BMW, FCA US LLC, Ford, General Motors, Honda, Hyundai, Jaguar Land Rover, Kia, Maserati, Mazda, Mercedes-Benz, Mitsubishi Motors, Nissan, Porsche, Subaru, Tesla Motors Inc., Toyota, Volkswagen and Volvo Car USA.

2021 Volvo V90 T6 Road Test | The best-kept secret

Against all odds and sales sense, the 2021 Volvo V90 is still kicking and available to order in the United States. Not only that, but Volvo gave it a mini mid-cycle update this year, altering the styling and adding more tech. It’s still disappointing that Volvo doesnÂ’t keep any V90s in stock at dealers, but it looks like the best way to sell a wagon in this country is to make it order-only like the Mercedes-AMG E 63 S or Audi RS6 Avant. Well, that, or lift it and apply body cladding as in the case of the V90's Cross Country sibling. Dealers do carry those. However, youÂ’ll be glad that you took the time to special order the non-lifted, uncladded V90. It's a design masterpiece; a full-size family vehicle that forces you to look back at it every time you walk away. Volvo hasnÂ’t struck out with a single design over the past few years, and this V90 is surely the brandÂ’s crowning achievement. Proportions, stance, lighting and wheels; all of it is pleasing to the eye. The hugely useful cargo area and big back seat just raise the bar even higher. That a vehicle can be as practical as this one is, handle like a car and still look this good just makes it even more appealing. This Volvo goes from point A to point B like a member of the Swedish royal family sweeping across a crowded ballroom centuries ago. Poised and elegant, the V90 silently wafts down the road riding on a pillowy air suspension. ThereÂ’s no rush. Curious eyes turn to catch a glimpse of something they rarely see. Yet the V90 never demands anybody take notice with extravagant creases or a gaudy grille. It just exists in this glamorous state of purist wagon nirvana. Simplicity tends to breed the most appealing car designs, but labeling the V90 as simplistic would be a misnomer. This Inscription trim V90 is adorned with just the right amount of shiny chrome, highlighting the sharp styling and drawing the eye downward. VolvoÂ’s updates serve to smooth out the front and rear fascias even further, going so far as to delete the rear exhaust outlet in the bumper in favor of an invisible under-car exit. It suits the wagonÂ’s attitude and also serves to prepare our eyes for an electric future. A new and much more intricate rear LED taillight design animates a friendly “hello” from bottom-to-top at the press of the unlock button, or top-to-bottom for “goodbye.” The new 20-inch wheel design completes the picture with a striking bright and dark two-tone finish.