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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.

Trump reportedly says he wants to wipe German cars off the U.S. map

BERLIN/FRANKFURT — A report that U.S. President Donald Trump has threatened to pursue German carmakers until there are no Mercedes-Benz rolling down New York's Fifth Avenue dented shares in the luxury car manufacturers on Thursday. An excerpt from German magazine Wirtschaftswoche's article, which cited several unnamed European and U.S. diplomats but did not include any direct quotes, could not be independently verified, while a U.S. Embassy spokesman in Berlin referred questions to Washington. The news and current affairs magazine said Trump had told French President Emmanuel Macron in April that he aimed to push German carmakers out of the United States altogether. Macron's administration in Paris declined to comment on the report. The Trump administration last week opened a so-called Section 232 trade investigation into vehicle imports, which could result in a 25 percent tariff on cars on the same "national security" grounds Washington used to impose metals duties in March. This could destroy exports by German carmakers, which control 90 percent of the U.S. premium market and are the biggest European Union exporters of cars to the United States. BMW owns Rolls-Royce, while Daimler has Mercedes-Benz, and Volkswagen controls Bentley, Bugatti, Porsche and Audi. Daimler, BMW and Audi declined comment. Porsche was not immediately available for comment. BMW shares were trading 0.5 percent lower at 0939 GMT, while Daimler and VW's shares were down 1 percent and 1.6 percent respectively, underperforming Germany's blue-chip DAX. Trump has railed against German carmakers before. And in early 2017, in an interview with German newspaper Bild, he said he would impose 35 percent tariffs on imported cars. At the time, the president called Germany a great car producer but said that the business relationship with the United States was an unfair one-way street. Germany's auto industry association VDA says its members exported 657,000 vehicles to North America last year, with total exports of vehicle components, cars, engines, as well as second-hand vehicles totaling 31.2 billion euros in 2016. Imports from the United States to Germany amounted to 7.4 billion euros, meaning a trade deficit of 23.8 billion euros the VDA's latest available figures show. However, German brands also have huge factories in the United States, where they built 804,000 cars last year, VDA said, providing jobs for U.S. workers. Berlin has reacted angrily to the U.S.

2017 Infiniti QX30 First Drive

If you've heard anything before about this car, the 2017 Infiniti QX30, it probably has to do with its corporate parents, an odd couple if there ever was one. Renault-Nissan, Infiniti's corporate overlords, inked a deal with Mercedes-Benz to share some mechanical components and platforms. That deal put a new, very modern 2.0-liter turbocharged inline-four under the hood of the Q50 and was the genesis of what you're looking at here. What are you looking at here? We drove this car in 2015, when it was called a Q30 – originally it was going to be the lower-riding counterpart to the slightly jacked-up QX30. Then Infiniti decided it'd make more sense to sell all variants of this vehicle as CUVs in the US, so we have three slightly different flavors of the QX30 instead. There's the normal version; the Sport, which is 0.6 inches lower; and the AWD, which is 1.2 inches higher. Infiniti brought us to Seattle to sample the Sport and AWD flavors on a semi-circumnavigation of the Puget Sound. It didn't rain a drop, thanks for asking, and instead was sunny and mild the whole time. It's easy to make the QX30 sound more confusing than it actually is. This is essentially a Mercedes-Benz GLA250 with full exterior styling and partial interior design by Infiniti, built in the UK alongside several other Nissans. The powertrain and chassis, including the optional AWD system, were all "co-developed" with partner Daimler, with final calibration and tuning by Infiniti engineers. Here's another way of explaining it: Infiniti needs an entry-level car to appeal to new premium car shoppers, and the QX30 is the prescription. It's a hatchback that's been given the mildest of CUV treatments and a lot of marketing descriptors. That's because hatchbacks are sales death in America. In Europe, they'll see right through the CUV posturing and realize it's just a hatchback offered in three different suspension heights. Whatever you call it to make it palatable to Americans, it's a useful little vehicle. This car is mechanically identical to the Q30, so there are some things we can gloss over. Both are powered by a transverse-mounted 2.0-liter Mercedes inline-four. It's a turbocharged, direct-injection gasoline engine, and it sure feels like one. It sounds like a rock tumbler full of nickels and runs out of breath at about 5,000 rpm. All versions make 208 hp at 5,500 rpm and 258 lb-ft of torque between 1,200 and 4,400 rpm – more than adequate but less than thrilling.