1991 Mercedes 500sl Roadster Red Convertible on 2040-cars

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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.

Daimler names Bernd Pischetsrieder to supervisory board

Some executives in the automotive industry stay with one company for their entire careers, while others bounce from one to the other, often leaving their indelible mark on each automaker at which they serve. Bob Lutz is certainly an example of the latter. So is Lee Iacocca, having presided over Ford and later charing the Chrysler board. Carlos Tavares was chief operating officer of Renault before being nominated as chief executive at PSA Peugeot Citroën. But as far as the Germans go, nobody's jumped from the leadership of one automaker to the next quite like Bernd Pischetsrieder - especially now that he's been named to the supervisory board of Mercedes-Benz parent company Daimler.
An engineer by training, Pischetsrieder started his career at BMW in 1973, eventually rising to the office of CEO after twenty years. There he remained until 1999, only to be dismissed after orchestrating BMW's takeover of the Rover Group (of which only the Mini brand remains in the company's portfolio, the other brands having been sold off after his dismissal).
The next year he was named chairman of Volkswagen's Seat brand, and rose to the chairmanship of the entire Volkswagen Group two years later. Despite a largely successful four-year tenure (that gave birth, incidentally, to the Bugatti Veyron), disagreements with supervisory board chairman Ferdinand Piëch saw him leave the helm at VW AG, focusing his attention on the Scania truck division. He's since been touted as a potential chief executive for Opel and for Continental, but neither potential was apparently realized.

Race Recap: Singapore Grand Prix is about a safety car and submission

The Singapore Formula One Grand Prix is the Monaco GP of the Orient - a weekend known more for its glamour and time-slot than on-track action, with a temporary circuit that punishes every mistake, usually terminally.
Lewis Hamilton in the Mercedes-AMG Petronas got the best of Free Practice 1, opening the curtain on a possible resurgence of Silver Arrows performance. By the time qualifying was done, though, it was his teammate Nico Rosberg who lined up second on the grid, followed by Romain Grosjean with a beautiful performance in the Lotus, Mark Webber in the Infiniti Red Bull, and Hamilton all the way back in fifth. Behind them were Felipe Massa outqualifying Ferrari teammate Fernando Alonso, Jenson Button getting the McLaren into eighth, Daniel Ricciardo with another good Q3 effort to get into ninth, and the shocker of Esteban Gutiérrez getting his Sauber into the top ten for the first time this year.
At the front of the pack was Sebastian Vettel. Again. But he was only ahead of Rosberg by a single tenth of a second...