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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.

Autoblog Podcast #404

Episode #404 of the Autoblog Podcast is here, and this week, Dan Roth, Chris Paukert and Brandon Turkus talk about the BMW i8 and i3, this week's SEMA show, the looming Ferrari spin-off and the passing of Tom Magliozzi, longtime co-host of NPR's Car Talk. We start with what's in the garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the rundown below with times for topics, and you can follow along down below with our Q&A. Thanks for listening! Autoblog Podcast #404: The video meant to be presented here is no longer available. Sorry for the inconvenience. Topics: BMW i8 and i3 SEMA Ferrari to be spun off Tom Magliozzi of Car Talk passes away In The Autoblog Garage: 2015 Mercedes-Benz GLA45 AMG 2015 Mercedes-Benz C300 4Matic 2015 Ford Mustang GT Hosts: Dan Roth, Chris Paukert, Brandon Turkus Runtime: 01:54:34 Rundown: Intro & Garage - 00:00 BMW i8 and i3 - 36:18 SEMA - 01:00:53 Ferrari IPO - 01:12:44 Tom Magliozzi - 01:21:12 Q&A - 01:32:45 Get the podcast: [UStream] Listen live on Mondays at 10 PM Eastern at UStream [iTunes] Subscribe to the Autoblog Podcast in iTunes [RSS] Add the Autoblog Podcast feed to your RSS aggregator [MP3] Download the MP3 directly Feedback: Email: Podcast at Autoblog dot com Review the show in iTunes Auto News Celebrities Earnings/Financials Podcasts SEMA Show BMW Ferrari Ford Mercedes-Benz SEMA 2014 mercedes gla45 amg

Mercedes-Benz engines with 48-volt systems coming in 2017

As part of a big green push announced yesterday, Mercedes-Benz is jumping into the world of 48-volt power. The company will launch a new family of efficient gasoline engines next year and will begin rolling out 48-volt systems with it, likely in its more expensive cars first. Mercedes will use the 48-volt systems to power mild-hybrid functions like energy recuperation (commonly called brake regeneration), engine stop-start, electric boost, and even moving a car from a stop on electric power alone. These features will be enabled through either an integrated starter-generator (Mercedes abbreviates it ISG) or a belt-driven generator (RSG). (RSG is from the German word for belt-driven generator, Riemenstartergeneratoren. That's your language lesson for the day.) Mercedes didn't offer many other details on the new family of engines. There are 48-volt systems already in production; Audi's three-compressor SQ7 engine uses an electric supercharger run by a 48-volt system, and there's a new SQ5 diesel on the horizon that will use a similar setup with the medium-voltage system. Electric superchargers require a lot of juice, which can be fed by either a supercapacitor or batteries in a 48-volt system. Why 48-volt Matters: Current hybrid and battery-electric vehicles make use of very high voltages in their batteries, motors, and the wiring that connects them, usually around 200 to 600 volts. The high voltage gives them enough power to move a big vehicle, but it also creates safety issues. The way to mitigate those safety issues is with added equipment, and that increases both cost and weight. You can see where this is going. By switching to a 48-volt system, the high-voltage issues go away and the electrical architecture benefits from four times the voltage of a normal vehicle system and uses the same current, providing four times the power. The electrical architecture will cost more than a 12-volt system but less than the complex and more dangerous systems in current electrified vehicles. The added cost makes sense now because automakers are running out of ways to wisely spend money for efficiency gains. Cars can retain a cheaper 12-volt battery for lower-power accessories and run the high-draw systems on the 48-volt circuit. The industry is moving toward 48-volt power, with the SAE working on a standard for the systems and Delphi claiming a 10-percent increase in fuel economy for cars that make the switch.