1998 Volvo S70 on 2040-cars

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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.

Volvo's European EX30 launch plagued by software issues, refunds

Are we ready to include crippling software problems in electric vehicles part of "the new normal?" If so, we'd think little of it. We're most surprised by Volvo being the reason for asking the question. The Swedes had to postpone production of their flagship 2025 EX90 due to software issues. Then, after crowing about starting production, we find out the automaker's informed buyers that their EX90's might not be complete upon delivery, waiting for over-the-air updates to restore functionality that buyers of an $80,000 would expect to come with their vehicle. Overseas, the EX30 appears to be in even more trouble, its software reminding us of the problems Volkswagen had with its ID.3 and Chevy had with its Blazer EV on launch. Autocar reports that the glitches "range from screens going black and steering-wheel buttons not responding to cars not charging and even emergency braking systems randomly activating," as well as "bricked infotainment touchscreens, incorrect information displayed (such as time and range), profiles reverting back to factory settings and driver aids failing." Some customers are reportedly returning their cars to Volvo for full refunds. The automaker told Autocar the EX30 remains on sale, but in the UK, Volvo's pushed online shoppers to the 2025 model; the 2025 EX30 launches July 8, Volvo said. The configurator at Volvo's UK site advisers visitors, "EX30 Model Year 2024 is no longer available for new configurations. However you are welcome to browse our stock cars." At the time of writing, we did not find any similar notice on the Volvo sites for France, Germany, or Sweden. A poster on a UK forum for EX30 owners wrote to another member that ordering's been disabled on the UK site for three months. And it's a popular model. Volvo has more than 35,000 units in Europe through the end of May, making it the third-best-selling selling EV there after the Tesla Model Y and Model 3. Every new car comes with its share of hiccups. Based on checking forums, owners seem thoroughly pleased with the EX30's build quality. The hiccups here and in general with EVs is that their primary issues trace back to software (on top of the usual mechanical issues all vehicles face). On that UK forum for EX30 owners, the Recent Topics tab is peppered with threads about problems with the hatchback, the Faults & Technical section contains 85 individual topics (some of which are undoubtedly duplicates or misplaced).

Volvo already planning road-going V8 Supercar?

After decades of cat-and-mouse battle waged between Holden and Ford, Australia's V8 Supercars series has expanded considerably. Mercedes and Nissan both joined the grid last season, and Volvo has followed suit this year. So when 2014 championship kicked off earlier this month in Adelaide, everyone was watching to see who would come out on top.
The answer is Holden, which took first place in all three of the weekend's races. In fact the General Motors division locked out the podium in the first and third races and took first and third places in the second race, letting just one other manufacturer onto the podium the entire weekend - and that was Volvo. The Polestar S60 scored second place on its first race weekend, beating all the Nissan Altimas, the Mercedes E63 AMGs, the Ford Falcons and most of the Holden Commodores.
Now that's hardly winning the championship, but it's a very solid debut. And that point was not lost on the people back at headquarters in Sweden, who are already thinking about making a roadgoing version of the race-spec V8 Supercar.