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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.

Weekly Recap: An '80s encore in the auto world

The '80s returned in a big way this week, as National Lampoon's, Ghostbusters, Miami Vice, and even Tetris were back in the news. While there were far more serious topics (see below), nostalgia mingled with modern marketing to put these Reagan-era favorites back in the spotlight. The '80s were alternately cold and corny at times, but their cultural touchstones can still generate big money. That's why Infiniti recreated an iconic scene from National Lampoon's Vacation (1983) for an advertisement that hawks the QX60 crossover. Actor Ethan Embry, who played Rusty Griswold in a later Lampoon's movie, pilots the Infiniti – which is serving as a modern Family Truckster – for a trip to Walley World. A blonde pulls alongside in a red Lamborghini. They flirt, and she drives on. Christie Brinkley, who played the original girl in the red sports car (she drove a Ferrari in the '83 flick), is riding shotgun and chides Embry with: "A blonde. In a convertible. Seriously?" Okay, it's hardly on the level of "here's looking at you," or even "you can't handle the truth," but it should resonate with '80s babies, many of whom are now having children of their own and moving into three-row SUVs like the QX60. Naturally, Hollywood is going back to the well, too, with a Vacation remake that premiers July 29. Meanwhile, Ghostbusters is returning next year, and director Paul Feig offered a peak at the new Eco-1 in this tweet. In the 1984 classic, the team drove a modified 1959 Cadillac. Now, it will drive a late '80s Cadillac. As expected, the announcement generated support and controversy from movie and car enthusiasts. His tweet had generated several thousand retweets and favorites in the days following the news. Though the '80s Caddy looks, uh, less elegant in comparison to the now-iconic fins and curves of the original Ecto-1, it's about the same time lapse into the past as the '59 Caddy was to viewers in 1984. Speaking of 1984, Miami Vice, which debuted that year on NBC, is seeing one of its hero cars hit the auction block, Mecum Auctions announced this week. The 1986 Ferrari used on the show will be offered for sale Aug. 15 during Monterey classic car week. The white supercar runs a 390-hp flat 12-cylinder engine paired with a five-speed manual transmission and was in storage after the show ended in 1989 until earlier this year. It has 16,124 miles on the odometer and is authenticated by Ferrari North America and Classiche.

Infiniti went out of its way to make the QX30 not a Mercedes

You can complain all you want about perceived badge engineering when a company (like Mercedes-Benz) sells a platform to another brand (such as Infiniti). The reality is that most buyers won't know the difference, and they won't even realize their Infiniti is really a Mercedes underneath or that their neighbor's GLA has the same basic parts as the QX30 they just bought. What's weird to me isn't that sameness, but the places where the two cute little utes differ. These two vehicles, which are more like tall hatchbacks, use the same Mercedes 2.0-liter turbo four and seven-speed dual-clutch transmission. Infiniti adds its own throttle and transmission calibrations. The suspension design is the same, although there are tuning differences. Both come standard with front-wheel drive, with all-wheel drive an option. Fuel economy matches for the FWD models, while the AWD Infiniti lags behind the Mercedes for some reason. So they're very similar despite their different looks. And design makes sense as a point of differentiation. Frankly, they go further than a lot of vehicles on shared platforms do – further, in fact, than the upcoming Nissan Navara-based Mercedes X-Class pickup does. The QX30 has its own sheetmetal and glass to separate it from the GLA-class. You probably think one looks better than the other. If you know where to look, the signs of sameness are obvious. Most major systems and pieces are shared, like the steering wheels (with different center covers), most switchgear, and things like interior and exterior door handles. Shared parts are fine as long as the parts are good ones. On that note, how many Tesla buyers realize their steering column and stalks, plus the window switches, come from Mercedes? And does that actually matter? We'd argue no. About those differences. Many are functional, like the fact the Infiniti does not carry over the Benz's Brake Hold feature – when you roll to a stop in the GLA (or any other Benz), pressing the brake pedal firmly applies the electric parking brake until you hit the gas to move again. The QX30 has an electric parking brake, but no Brake Hold feature. Someone used to driving Mercedes models will look a bit silly standing on the brake pedal to no effect. Ask us how we know. The Mercedes gauge package is carried over, but with the Infiniti font. Makes sense, although it's off-putting at first if you've seen the original, prompting a weird deja vu. Circular dash vents are replaced by rhomboid ones.