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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.

Mercedes-Maybach SL 680 Monogram Series gives the rich and famous what they want

TOPANGA, Calif. – Give the people what they want, right? Especially if they're extremely wealthy. And possibly famous.  Apparently, the requests for a convertible Maybach from existing owners and/or celebrities were so frequent and insistent that the uber-luxury offshoot of Mercedes-Benz finally decided to give them just that. The 2025 Mercedes-Maybach SL 680 Monogram Series answers the call. While all other Maybachs are based on a Mercedes-Benz, this is the first Maybach to be based on a car developed by AMG: the current-generation SL 55 and SL 63. This presented a greater challenge to engineers than past efforts. Although a sportier Maybach was intended (as opposed to modern Maybach's first drop-top effort, the Maybach S 650 Cabriolet), the SL 680 is, not surprisingly, seeking a much different dynamic end goal than its AMG-only cousins. According to Maybach product manager Hannes Meyer, the far shorter wheelbase than the Maybach norm was a particular challenge in making sure that its convertible offering maintained "the same ease and nearly floating driving experience" expected of the brand. To that end, the Maybach SL shares the SL 63's air suspension and trick AMG Active Control interconnected hydraulically controlled dampers, but the tuning is changed, especially with the rear air springs as the driver sits closer to those. Meyer says the damper valves in particular have a greater range between sportiness and comfort than the SL 63. The steering system is totally Maybach-specific, including a different ratio and more upright front camber, resulting in what Meyer described as a more stable and less aggressive setup than what you'd find in the SL 63.  Before you start looking for a 6.8-liter engine in the Mercedes arsenal, remember that those numbers don't really mean anything anymore. The Maybach SL 680 has exactly the same 4.0-liter twin-turbo V8 as the SL 63 good for 577 horsepower and 590 pound-feet of torque. The nine-speed AMG transmission is the same in terms of hardware, but it has totally different software. In particular, the 2-3 and 3-4 shifts are most different in order to provide a smoother, more Maybach acceleration experience. The 4Matic+ all-wheel-drive system is also shared, but is programmed to have a more balanced front-to-rear power split than the rear-biased AMG. Finally, the exhaust has been retuned. Meyer said that up to 2,800 rpm, the exhaust isn't quieter than what you'd experience in the AMGs, it just has a different tone.

Smart will go electric-only in United States and Canada

By 2018, the Smart car brand will be only known as an electric vehicle manufacturer in the US. According to Automotive News, sales of gasoline-powered Smart cars will cease later this year, and Daimler will develop the product portfolio into a solely electrified one. This coincides with the upcoming launch of the new generation Smart ForTwo electric drive models this summer. Automotive News claims to have obtained a letter from Mercedes-Benz USA CEO Dietmar Exler sent to US dealers. In it, he underlines the decision to go electric-only, saying "developments within the micro-car segment present some challenges for the current Smart product portfolio," and that the change will only affect North American sales. Production of US-destined gasoline-powered Smarts will cease in April, and sales will continue until stock runs out. The current generation has been on sale from 2015, and it hasn't reached the 2014 sales peak of 10.453 units of the previous generation; last year, there were little more than 6.200 Smarts sold in the States. The first electric drive Smarts were unveiled a decade ago, but they became available in the USA five years later, initially via various trial programs, including Car2Go fleets. Related Video: