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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.

2015 Mercedes C-Class owners reporting bleeding seats [UPDATE]

UPDATE: Daimler AG became aware that, in a small number of individual cases, it is possible for temporary spots and/or shiny patches to form on the man-made leather surfaces of the 2015 C-Class in sub-freezing temperatures. No accidents or injuries have been reported, and we have no reason to believe that there are any hazards to customers. Replacement parts are expected to start shipping to dealers by next week. Owners of the 2015 Mercedes-Benz C-Class are learning the hard way that you don't necessarily want to buy a new vehicle in its first model year. Besides reports of poorly fitting taillights and faulty infotainment touchpads, a number of reports are popping up on the forums of MBWorld.org claiming that the compact luxury sedan's seats are, for lack of a better term, bleeding. Owners of US-built, 2015 C-Classes fitted with MB Tex vinyl interiors are reporting a white, oily, shiny residue discoloring their seats that shows up, often after cold cars are quickly heated. It's important to note that this residue is not necessarily staining the seats permanently – warm, soapy water is often all that's needed to restore the original finish. In other cases, the residue disappears of its own accord, only to reappear in an entirely different pattern. That doesn't make things any more acceptable to owners, many of whom have reached out to Mercedes with complaints. It's not clear how many vehicles are affected, but there are a sizable number of forum threads on the issue on MBWorld alone, and the problem is prevalent enough that Mercedes has issued a technical service bulletin to its dealers. According to the forum postings, the TSB instructs service technicians to replace the headrest and seat cover (except for the front, passenger-side seat bottom because of "factory calibration issues") in affected customer vehicles. New C-Class models in dealer inventories, meanwhile, are to get the soapy water treatment if they're showing signs of the residue. Neither one of those moves seems to represent a long-term fix, though. Black MB Tex seats – both the standard and sport variety – seem to be particularly susceptible to the residue, although we stumbled across at least one image of what looks like Silk Beige MB Tex with speckles of residue.

Recharge Wrap-up: new Gigafactory drone video, Mercedes valet

A new, Tesla-approved drone video shows the progress of the Gigafactory. Recently, a video surfaced showing what Elon Musk said was just the "pilot plant," which is only a quarter of the size of the final planned Gigafactory. This new video not only shows the structure, but also the site surrounding it. We see more steel beams waiting to be erected, suggesting that the footprint of the finished building will be even more massive than that of the current standing structure. And if what Musk says is accurate, we've got a lot more to look forward to. Have a look in the video above, and read more at Teslarati. Tesla is paying hackers to find bugs in its website and products. In a posting on Bugcrowd, the electric automaker calls on "security researchers" to find vulnerabilities in the site itself, any domains owned by Tesla, any Tesla apps as well as Tesla hardware owned by the hacker like a Model S or the Powerwall. In exchange for the hackers' service, Tesla is offering rewards ranging from $25 to $1,000 for reported vulnerabilities. Tesla also promises not to sic the law enforcement on hackers who step forward to help, as long as they follow the rules. Read more at Teslarati. Daimler and Bosch are working on automated parking for Mercedes-Benz. In a properly equipped parking garage, the car would find an empty space and park by itself, and return to the driver when called upon. The groups are starting a pilot project for the autonomous valet feature with carsharing service Car2go, where it works the other way around. Customers will be able to call a car to a pick-up zone using a mobile app. When finished, the customer leaves the car in the drop-off zone, and the car takes care of the rest on its own. "Fully automated parking will be ready for mass-production before fully automated driving," says Bosch's Dr. Dirk Hoheisel. "Low driving speeds and the information from the car park infrastructure enable a fast implementation." Read more in the press release from Daimler. Volta has raised $7.5 million in funding to expand its free EV charging network. To offer free charging, Volta's chargers essentially perform double duty as billboards for what Volta calls "companies with a vested interest in the community." "Early Internet pioneers like Google became industry titans by first offering free consumer services online paid for by companies that advertised on their platforms," says Volta CEO Scott Mercer.