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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 details new drive assist features for next XC90 and future models [w/video]

Volvo wants us to know what kinds of new technology will be under the sheetmetal of the offerings that will sit on its Scalable Platform Architecture, the first of which will be included on the 2015 Volvo XC90 arriving at the end of next year. The silicon-chip onslaught starts with detection and auto braking for vehicles, pedestrians, cyclists and large animals. The company's animal detection tech now works at night thanks to better cameras and exposure controls.
Also due for the high-riding wagon are road edge and barrier detection with steer assist, a setup that identifies the edge of the road - even ones without markings. The system can steer the car back into its lane if it detects the driver is about to leave the road or collide with a barrier. Adaptive cruise control with steer assist allows the car to not only follow the flow of traffic on a straight road, but steer itself automatically.
Beyond that, the company is planning on other safety advances, but these will rely on automaker cooperation and infrastructure upgrades. Volvo has signed a memorandum of understanding with the Car 2 Car Communication Consortium on the subject of standards for communication between cars and wants to have it implemented by 2016. Sensors in traffic lights will enable Green Light Optimum Speed Advisory, which tells a driver how fast to go on a give stretch of road so as not to hit a red light. Weather, road condition, road works and emergency vehicle warnings will also inform drivers of new developments on the road. And autonomous parking, which Volvo has already demonstrated, stands to put a lot of valets out of work since it allows the car to find its own parking space without a driver inside.

Volvo S60 Polestar Concept finally spotted in the flesh

The Volvo S60 Polestar Concept has graced the pages of Autoblog numerous times in recent memory, but we've never actually seen it in person. That is, until now.
We caught up with the blazing blue sedan sitting on the floor of the LA Auto Show, and it looks even better up close. As a refresher, the four-door is fitted with a turbocharged inline six-cylinder engine (3.0-liter) generating an impressive 508 horsepower. Its close-ratio six-speed manual gearbox sends power to all four wheels through a fourth-generation Haldex XWD system. With a decent driver behind the steering wheel, the Polestar can crack the 60 mph benchmark in about 3.7 seconds as it rushes towards a top speed in excess of 186 mph.
Volvo has said that this Polestar-modified S60 was built for a specific client who paid upwards of $300,000 for the pleasure of owning it. But as they say, if there is market demand for more...