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Geely wants to be a tech-sharing 'friend' of Daimler in $9B bet

Chinese carmaker Geely has built up an almost 10-percent stake in Daimler in a $9 billion bet by its chairman that he can access the Mercedes-Benz owner's technology in the growing battle for the future of automotives. The purchase by Li Shufu, Geely's founder and main owner, means China's largest privately-owned automaker is now the biggest shareholder in Germany's Daimler. Geely said on Saturday there were no plans "for the time being" to raise the stake further. Instead, it will seek to forge an alliance with Daimler, which is developing electric and self-driving vehicles, to respond to the challenge from new competitors such as Tesla, Google and Uber. "No current car industry player is likely to win this battle against the invaders from outside without friends. To achieve and assert technological leadership, one has to adapt a new way of thinking in terms of sharing and combining strength. My investment in Daimler reflects this vision," Li said. "Daimler is pleased to announce that with Li Shufu it could win another long-term orientated shareholder, which is convinced by Daimler's innovation strength, strategy and future potential," the German company said in a statement. Geely officials plan to travel to Stuttgart to meet Daimler executives early next week and also hope to meet top German government officials in Berlin, two sources familiar with the matter told Reuters. The Chinese firm plans to use the meetings to underline that it intends to be a supportive long-term investor, they said. Daimler had no immediate comment on any meetings. Geely and the German economy ministry declined to comment. Chinese investors in German technology companies have tended to take a consensual approach, buying incremental stakes in companies such as robotics firms Kuka and Kion, typically after long consultation with management and other stakeholders. In November, Geely asked Daimler to issue new shares so it could buy a stake, as a way to access Mercedes-Benz technology for electric cars and trucks, including battery technology, to help Geely comply with a Chinese crackdown on pollution. But the German company turned down the offer saying it did not want to dilute existing shareholders, sources at the time told Reuters. Li changed tactics, and quietly amassed a stake of 9.69 percent worth $9 billion at Daimler's current share price.

Euro-market Volvo C40 Recharge and XC40 Recharge add efficiency, range

Volvo's tweaked the powertrain specs for the C40 Recharge and XC40 Recharge in Europe in both front- and all-wheel-drive trims. (We don't get the FWD versions here, only the AWD models.) First reported by CarsUK as a rumor, Autocar dug into the details after the new models hit some EU configurators. The big change there is that the front-drivers are now rear-drivers, engineers moving the single motor to the rear axle in the name of efficiency. The battery in the single-motor cars stays the same size at 67 kWh, but motor output rises from 228 horsepower to 235 hp. Even better, the C40 Recharge goes from an estimated 270 miles on a charge to 296 miles, the XC40 Recharge goes from an estimated 260 miles on a charge to 286 miles on the WLTP cycle. The AWD Recharge Twin trims get a larger battery, swapping the 78-kWh unit (75 kWh usable) for a 82-kWh unit (78 kWh usable). Their motors put out the same combined 402 hp as before, but do so with a rear bias. Instead of each motor making 201 hp, the front motor makes 161 hp, the rear 241 hp. Their ranges climb even more, the C40 gaining 37 miles of range to go an estimated 315 miles on a charge, the XC40 adding 42 miles to go an estimated 311 miles on the WLTP cycle. Volvo also upped the fast charging capability for the Recharge from 150 kW to 200 kW. The upgrade cuts the charge time from 10% to 80% by 10 minutes, to 27 minutes, matching the time required for the single-motor trims with the smaller battery to refill the same amount. The revised models can be ordered in Europe now but won't go into production until next year, the Recharge versions in May, the single-motor versions in autumn. Prices are up about 10%. It's thought the Polestar 2 will be in line for the same changes. We asked Volvo USA about the revisions coming to the U.S., aand  spokesperson responded, "We will have more details to share on the U.S. offer at a later date."

Volvo EX30 city car to launch next year as entry model

At the end of the presentation for the battery-electric 2023 Volvo EX90, automaker CEO Jim Rowan gave everyone a tease of a smaller model to debut next year. Sitting in the dark next to an equally dark EX90, the new model looked like a Mini Me version of the EX90 down to the chunky stance and taillight signature. There were rumblings among media that this was the new EX30. In an interview with Automotive News Europe, Rowan confirmed suspicions by calling the new small car by that name. The EX30 will take up the entry slot in the Volvo lineup, offered as part of the Care by Volvo subscription service to keep the price down for its Gen Z target market of first-time car buyers. Dimensions are unknown, but the EX30 sits on the same Sustainable Experience Architecture (SEA) as the new Smart #1. The Smart is 168.1 inches long, 72 inches wide, and 64.4 inches wide. Our XC40 Recharge and C40 Recharge, both sitting on Volvo's Compact Modular Architecture (CMA), are 174.8 inches long, 75.2 inches wide, and 65 inches high. Dimensions roundabout those of the Smart seem like a good starting point for the EX30's size. Staying there for a moment, the Smart packs a 66-kWh battery, one motor making 268 horsepower, and can go up to 273 miles on a charge on the WLTP cycle. Rowan said Volvo will offer a choice of batteries in the EX30 "so a customer can choose the range that best fits their lifestyle and their budget." Remember, the Honda-e sells in markets like Europe with 35-kWh battery good for a range good for about 135 miles on a charge. The CEO said these Gen Z buyers "still want top safety equipment, a fantastic ride and high quality." A lower price for a battery with a local range keeps that demographic in the loop, which also helps Volvo reach its goal of selling 1.2 million vehicles globally by 2025. That year is also important from Rowan's perspective because that's when he believes ICE vehicles and EVs will reach price parity. At the moment, the ICE XC40 starting price is $17,200 less than the XC40 Recharge. Barring further global upheavals, Rowan said, "I still think we are very much on track for price parity, because prices will come down pretty quickly when supply starts to meet demand again. In addition, we are starting to see some really interesting things when it comes to anode and cathode materials and battery chemistries such as the use of LFP (lithium iron phosphate) in certain cases.