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Geely chairman is now the single biggest investor in Daimler

Li Shufu, the chairman and main owner of Chinese carmaker Geely, has built a stake of 9.69 percent in Daimler AG, the German carmaker said in a regulatory filing on Friday. The stake, worth nearly $9 billion at the current valuation for Daimler shares, makes Li the biggest single shareholder in the maker of Mercedes-Benz cars, trucks and vans headquartered in the German city of Stuttgart. A Daimler spokesman called the stake purchase a private investment by Li. "We are delighted, with Li Shufu, to have won over another long-term investor who is convinced of Daimler's innovative prowess, strategy and future potential," the spokesman said in response to a request for comment. "Daimler knows and respects Li Shufu as a Chinese entrepreneur of particular competence and forward thinking." Li's stake purchase makes him the top shareholder in Daimler ahead of the Kuwait Investment Authority, which owned 6.8 percent as of Sept. 30, according to Thomson Reuters data. Earlier this month, the German newspaper Bild am Sonntag reported that the Chinese industry giant was seeking to become Daimler's biggest shareholder, likely exceeding the 6.8-percent stake of the Kuwait Investment Authority. The paper said Daimler had reportedly turned down Geely's $4.5 billion offer for a 5-percent stake via a discounted share placement, saying that Geely could buy shares in the open market. Institutional investors currently own 70.7 percent of Daimler, and the company already has strong ties to Chinese automakers BAIC and BYD. Bild am Sonntag said the move was intended as a strategic alliance against Apple, Google and Amazon on autonomous and connected cars. And Reuters reported that Daimler wants to have bespoke "robo taxis" on the road quicker than Google's Waymo, and views Geely as a strong partner for that. Geely conversely is interested in Daimler's electric car battery technology, and sources quoted by the German paper say there are plans to establish joint electric car manufacturing in Wuhan, China, to meet China's smog-reducing quotas. Geely is developing the Lynk & Co. brand of electric and hybrid cars. Geely owns Volvo, which has enjoyed a renaissance under the arrangement, as well as the maker of London's black cabs. In December, it bought a stake in AB Volvo, the maker of Volvo trucks.

Volvo won't go after S-Class, 7 Series market

Volvo vice president of powertrain engineering, Derek Crabb, recently said that the Swedish automaker is developing smaller and smarter powertrain options that will "turn V8s into dinosaurs" - a statement that could have been our first indication that Volvo is no longer looking to create a luxury flagship sedan to take on German land yachts like the Mercedes-Benz S-Class, Audi A8 and BMW 7 Series. Now Automotive News seems to be backing this up after speaking with CEO Hakan Samuelsson, who said that a big sedan wouldn't fit the brand's green image and, more importantly, might not even be a car that its customers would even consider.
Rather than trying to compete in a small, established market against rear-drive, 12-cylinder sedans, Volvo is looking at the emerging, higher-volume premium small car segment to take on its German rivals with the all-new Volvo V40 (shown above). Not wanting to abandon the big-vehicle segment altogether, a next-generation XC90 is due out within the next couple years (and was spotted in some recent spy shots), and it will ride on the new Scalable Platform Architecture (SPA), which will be shared with the new S80 according to the AN article.

2022 Volvo C40 Recharge priced, goes on sale late 2021

Pricing for the 2022 Volvo C40 Recharge is out, and in consistent coupe crossover fashion, it’s a little more expensive than the traditionally-styled XC40 Recharge. The starting price is $59,845, including the $1,095 destination charge. ThatÂ’s $4,760 more than a base 2022 XC40 Recharge. ItÂ’ll be limited to just a single fully-loaded trim called “Ultimate” initially — there will be no additional options, Volvo says. Volvo lets you choose a lower “Plus” trim with the standard XC40 Recharge, but the cheaper starting price also carries less standard equipment. Sweetening the deal for C40 customers is an Electrify America partnership that starts all owners off with 250 kWh of complimentary charging. This comes with the regular XC40 Recharge, too, but it must be a 2022 model year vehicle. One should also take into account any federal or state tax incentives on offer when running the number — Volvo is still eligible for the full $7,500 federal tax credit, so your effective net price could be closer to $50,000 depending on your location. Unfortunately, EPA-rated electric range on a full charge was not included in this announcement. Volvo announced the C40 with a 260-mile range estimate, but the real EPA number will surely fall below that figure. The XC40 Recharge, which the C40 shares all of its vital parts with, is EPA-rated for 208 miles on a full charge. Deliveries are scheduled to start in the fourth quarter this year for folks who pre-ordered the C40 online in March. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.