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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.

Race recap: 2015 British Grand Prix is a testament to timing

In front of his home crowd, Lewis Hamilton actually had to work for pole position at the British Formula One Grand Prix. The World Champion couldn't get on top of the setup for his Mercedes-AMG Petronas on Friday, lapping behind teammate Nico Rosberg and the two Ferraris. Come Saturday, after a few alterations and a whole lot of wing to clamp down on understeer, Hamilton returned to his regular program at the front, taking pole position by just over a tenth of a second from his teammate. Williams, thought to be headed for another stretch in the weeds a few races ago, showed its best strength all year. The Grove team got both cars on the second row and in front of the Ferraris, Felipe Massa qualifying ahead of teammate Valtteri Bottas, but they were eight and nine tenths behind the Mercedes'. Kimi Raikkonen out-qualified Ferrari teammate Sebastian Vettel for the second time this year, and only the first time in a straight-up battle with two healthy cars. But more than a second behind the two cars at the front, and with two nearly-impossible-to-pass Williams' in front, neither the Finn nor the German is happy with where they are. Daniil Kvyat claimed seventh, his side of the garage at Infiniti Red Bull Racing having got through the weekend to that point without a single complaint about their Renault power unit. Carlos Sainz, Jr. put a single Toro Rosso inside the top ten in eighth position, ahead of Nico Hulkenberg who did the same for Sahara Force India by slotting in ninth. The second Infiniti Red Bull driven by Daniel Ricciardo did have an unspecified engine complaint – his car kept "bleeding power" on the straights – but even so he managed to qualify tenth with his second-fastest lap. The stewards deleted his best lap because he ran three centimeters outside the track limits at Copse, an infraction that stung a few other drivers as well. Up in front, what would sting the Mercedes-AMG Petronas drivers the most was the start. That's when a dearth of grip struck both Hamilton and Rosberg, allowing Massa and Bottas to slide right up the middle between them and take the first two places. The leapfrogging was so surprising that it looked like the Mercedes drivers were giving the Williams drivers a head start. They diced through the first corners, Hamilton sliding past Bottas into second place halfway through the lap. And then the safety car reported for duty.

The 2016 Spanish Grand Prix flipped all the scripts

The Monaco Formula 1 Grand Prix circuit and the Hungaroring fly the flag for processional races, yet Spain's Circuit de Catalunya is arguably as bad. Before this weekend, the pole-sitter won the race 19 times out of the last 25 years. The front row of the grid produced 23 winners in the past 25 years. The racing gods edited that script this year, when a first-lap crash and two mid-race strategy changes kept things open until the end of the 66-lap race. It started when Mercedes-AMG Petronas teammates Nico Rosberg and Lewis Hamilton took each other out on Lap 1. After Rosberg passed pole-sitter Hamilton into Turn 1, Rosberg's car slowed through Turn 3, somehow in the wrong mode. Hamilton closed in on Rosberg so quickly that once the Brit ducked inside for the pass, he couldn't back out. Rosberg, however, closed the door so suddenly that Hamilton had no choice but to drive onto the grass. When Hamilton spun, he collected Rosberg and both Mercedes' ended up in the gravel trap. The stewards deemed it a racing incident. The crash put Red Bull teammates Daniel Ricciardo and Max Verstappen in the lead, followed by Toro Rosso driver Carlos Sainz and the Ferrari duo of Sebastian Vettel and Kimi Raikkonen. Both Ferraris cleared Sainz by Lap 10, leaving 56 laps for them to haul in the Red Bulls. Ferrari loosely followed Red Bull's pit strategies. Ricciardo pitted on Laps 11 and 28, Vettel pitted on Laps 15 and 37. Verstappen pitted on Laps 12 and 35, Raikkonen pitted on Laps 13 and 36. Pirelli predicted a three-stop race as the fastest and that the medium tire could only go about 23 laps. Verstappen and Raikkonen didn't get those memos. So while Ricciardo and Vettel came in for third stops the Dutchman and the Finn stayed out, with Verstappen ahead of Raikkonen at the front of the race as of Lap 43. That's when Verstappen – 18 years and 227 days old – proved how good a driver he is, lapping perfectly as second-place Raikkonen closed the gap to a little more than half a second. The Finn still couldn't get past the Dutchman down the pit straight even with the help of DRS, nor under braking at the only real passing opportunity into Turn 1. At the end of Lap 66 Verstappen crossed the line ahead of Raikkonen, a victorious end to Verstappen's first race weekend after being promoted to Red Bull. Further back, Vettel and Ricciardo fought for scraps, the German staying ahead to finish third.