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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 plan for China: sell them on the clean air inside the car

Large Chinese cities aren't known for having clean air. Just this week, the Chinese city of Harbin filled with record levels of smog after starting the city's coal-fired heating system, according to CNN. But Li Shufu, the chairman of Geely, Volvo's parent company, says the automaker's astute attention to cabin comfort in areas such as air filtration is a selling point for the Swedish automaker in China, Forbes reports.
Shufu says when he is inside a Volvo, he feels like he's in Northern Europe, but when the door is opened, he feels like he's in Beijing. The chairman made the remarks at the fourth annual Global Auto Forum (GAF) in China (which also happened to be attended by Alan Mulally, CEO of Ford, which was Volvo's owner until 2010), where he emphasized Geely's hands-off approach to managing Volvo, saying, "Geely and Volvo are brothers, not father and son."
While good filtration contributes to cabin comfort, the way we see it, Shufu also is allowing Volvo to play to its most well-known strength: safety. Smog protection via air filtration might not seem like the most important safety feature for a car in the US (unless you live in Los Angeles), but when you consider that Harbin's level of fine particles was up to 30 times higher than the World Health Organization's recommended standard on Tuesday, we'd think twice about that. Fine particles, which are 2.5 micrometers in diameter or less, are considered to be the most harmful to health.

Volvo details upcoming XC90's new scalable platform

In two weeks' time, we'll be boarding a flight for Stockholm for the live reveal of the new Volvo XC90. But before we do, Volvo has revealed another round of salient details regarding not only its new crossover, but a whole range of new vehicles to share its architecture.
That platform is called Scalable Product Architecture, and it follows the latest industry trend towards modular platforms. The product of four years' development, the new platform uses high-strength boron steel to optimize weight and rigidity. The scalable architecture, set to underpin the next-generation S60, V60, XC60, S80 and anything larger, offers designers more flexibility in terms of proportions. It can be adapted to a wide range of vehicles of different shapes and sizes, designed from the get-go to incorporate a range of powertrains (including the XC90's new twin-charged hybrid system) and all the latest safety technologies you'd expect from a Volvo.
The XC90, Volvo has revealed, will also offer increased interior flexibility, with movable second and third rows to optimize cargo space and legroom as needed. That third row is designed to accommodate children (or small adults) up to five-foot-seven. Meanwhile the image inset above gives us our first glimpse at the new XC90's styling, with T-shaped running lights inspired by Thor's hammer.