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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.

Cadillac, Daimler execs take swipes at Tesla

Despite the financial ties between Daimler and Tesla Motors, at least one Mercedes exec thinks the electric automaker doesn't have a bright future. And over at Cadillac, the message is that Tesla doesn't pose a threat but offers the luxury arm of General Motors more of classroom experience. The Mercedes story runs like this. Mercedes-Benz USA president and CEO, Steve Cannon, said at the New York Auto Show last week that Tesla has "no network" and only offers "little shops that don't have service capacity." He also said: "Folks are buying a Tesla now because they're kind of cool, but if you're a Tesla buyer, you have to have multiple cars. With Mercedes, you have a whole network. You've got no worries. ... Tesla is great, but you've got plenty of well-established brands that mean luxury, like Porsche or Mercedes-Benz, and how long do you think we're going to wait and let Tesla be out there alone [selling premium electric cars]?" "Treehuggers do not buy new luxury cars" – Uwe Ellinghaus For Cadillac's global chief marketing officer, Uwe Ellinghaus, Tesla's EV success represents little other than "a great opportunity and a learning exercise for all of us, and will help us traditional manufacturers to think twice about electric mobility." He added that, "I am not afraid of Tesla. ... There is no willingness to really sacrifice on the traditional qualities of a luxury car. These are not cars for treehuggers, as treehuggers do not buy new luxury cars." Ellinghaus made the comments during a panel discussion at the 2014 Automotive Forum. Perhaps the lesson of Tesla's offer of free Supercharging to Model S owners is what led to Cadillac to recently announce a deal with Chargepoint that gives ELR drivers access to that company's 16,500 charging stations. Read more details on that below. Cadillac and ChargePoint Bring EV Customer Luxury Driving Experience World's largest, most open electric vehicle charging network available to ELR drivers 2014-04-16 NEW YORK – Cadillac today announced a partnership with ChargePoint, the largest and most open electric vehicle-charging network in the world. The collaboration brings Cadillac ELR drivers immediate access to more than 16,500 charging locations on the ChargePoint network. The ELR electrified luxury coupe went on sale at the end of 2013. It embodies Cadillac's Art & Science design philosophy, combining provocative design with progressive technology.

Ecclestone wonders if F1's upcoming turbo V6s should get augmented sound [w/videos]

While every team on the Formula One grid is worried about making a good showing in this year's championship at the same time as they develop a brand-new car for next year's championship, Bernie Ecclestone and F1 circuit promoters have a different concern: how next year's cars will sound. The current cars use 2.4-liter, naturally-aspirated V8s that can reach 18,000 revolutions per minute and employ dual exhaust, next year's engine formula calls for 1.4-liter turbocharged V6s that are capped at 15,000 rpm and are constrained to a single exhaust outlet. Ecclestone and promoters like Ron Walker believe the new engines sound like lawnmowers and that the less thrilling audio will keep people from coming to races. If Walker's Australian Grand Prix really is shelling out almost $57 million to hold the race, every ticket counts. As a fix, according to a report in Autoweek, Ecclestone "suggests that the only way to guarantee [a good sound] may be to artificially adjust the tone of the V6s."
However, neither the manufacturers nor the governing body of F1, the FIA, think there will be a problem. Ecclestone fears that if the manufacturers "don't get it right" they'll simply leave the sport, but the only three carmakers and engine builders left next year, Renault (its 2014 "power unit" is pictured), Mercedes-Benz and Ferrari are so embedded that it would stretch belief to think they'd leave the table over an audio hiccup - if said hiccup even occurs. And frankly, these issues always precede changes to engine formulas, as they did when the formula switched from V10 to V8; fans, though, are probably less focused on the engines and more on the mandated standardization of the sport and the spec-series overtones that have come with it.
No one knows yet what next year's engines will sound like, but we've assembled a few videos below to help us all start guessing. The first is an engine check on an Eighties-era John Player Special Renault with a 1.5-liter V6 turbo, after that is Ayrton Senna qualifying in 1986 in the Lotus 98T that also had a 1.5-liter V6 turbo, then you'll find a short with a manufactured range of potential V6 engine notes, and then the sound of turbocharged V6 Indycars testing last year at the Indianapolis Motor Speedway. Any, or none of them, could be Formula One's future.