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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.

2015 Volvo XC90 mule spotted testing in the snow

The Volvo XC90 was a big step for the Swedish automaker in 2003, but the midsize crossover has changed very little since its introduction. All that's about to change as Volvo starts its initial development on the 2015 XC90, which we see for the first time in these spy shots showing a cobbled-together XC70.
Like the current XC90, the next-generation model will be both longer and wider than the XC70 - judging by the modifications made to this mule's body - which will continue to allow Volvo's flagship crossover and provide three rows of seating. The next XC90 will ride on a new platform that will eventually make up around two-thirds of all Volvo sales, called the Scalable Product Architecture (SPA).
Our shooter managed to find out the registration number for this mule, which indicated that it was powered by a five-cylinder diesel, but we expect the automaker to start stepping away from its current powertrains with a big push toward smaller engines courtesy of the new Volvo Engine Architecture (VEA). Rumor has it that the future engine lineup for the XC90 will rely heavily on turbocharged four-cylinder engines and eight-speed automatic transmissions, which will likely eliminate or lessen some of the current mills available like a straight-six or V8.

Volvo aligning model range into three families

Things have been slow in Gothenburg the past few years, but they're picking up speed. The only new model Volvo has released in the past four years since it was taken over by Geely - that being the V40 introduced in 2012 - started its development when the company was still under Ford's umbrella. But now the Swedish automaker is preparing to launch a volley of new models, and the new XC90 is only the starting point.
Volvo has set out to align its product portfolio into three model families - 40, 60 and 90 - each with three body-styles: sedan, wagon and crossover. (Volvo presented a tidy little table, which we've replicated below, to outline what it has in store.) That means a new S40 sedan and XC40 crossover as well as a replacement for the current V40 wagon, all to be based on a new platform shared with Geely. It also means replacements for the current S60, V60 and XC60 to be based on the modular SPA platform that underpins the new XC90, as well as a new S90 sedan to replace the S80 and a new V90 wagon to succeed the V70 and move it up-market above the V60.
All of these models are set to arrive within the next four years as Volvo moves to replace its entire lineup by 2019 and subsequently move to more competitive seven-to-eight-year product life-cycles. But as aggressively as Volvo is pursuing this renewal of its core models, they're not the only things Gothenburg has in store. Keep reading below to learn how Volvo's model line will flesh out over the coming years.