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Geely wants to be a tech-sharing 'friend' of Daimler in $9B bet

Chinese carmaker Geely has built up an almost 10-percent stake in Daimler in a $9 billion bet by its chairman that he can access the Mercedes-Benz owner's technology in the growing battle for the future of automotives. The purchase by Li Shufu, Geely's founder and main owner, means China's largest privately-owned automaker is now the biggest shareholder in Germany's Daimler. Geely said on Saturday there were no plans "for the time being" to raise the stake further. Instead, it will seek to forge an alliance with Daimler, which is developing electric and self-driving vehicles, to respond to the challenge from new competitors such as Tesla, Google and Uber. "No current car industry player is likely to win this battle against the invaders from outside without friends. To achieve and assert technological leadership, one has to adapt a new way of thinking in terms of sharing and combining strength. My investment in Daimler reflects this vision," Li said. "Daimler is pleased to announce that with Li Shufu it could win another long-term orientated shareholder, which is convinced by Daimler's innovation strength, strategy and future potential," the German company said in a statement. Geely officials plan to travel to Stuttgart to meet Daimler executives early next week and also hope to meet top German government officials in Berlin, two sources familiar with the matter told Reuters. The Chinese firm plans to use the meetings to underline that it intends to be a supportive long-term investor, they said. Daimler had no immediate comment on any meetings. Geely and the German economy ministry declined to comment. Chinese investors in German technology companies have tended to take a consensual approach, buying incremental stakes in companies such as robotics firms Kuka and Kion, typically after long consultation with management and other stakeholders. In November, Geely asked Daimler to issue new shares so it could buy a stake, as a way to access Mercedes-Benz technology for electric cars and trucks, including battery technology, to help Geely comply with a Chinese crackdown on pollution. But the German company turned down the offer saying it did not want to dilute existing shareholders, sources at the time told Reuters. Li changed tactics, and quietly amassed a stake of 9.69 percent worth $9 billion at Daimler's current share price.

Race recap: 2016 Australian F1 Grand Prix a rowdy start to season

The three brief Formula 1 tests ahead of the current season belied how much had gone on since the last race in November: Infiniti subbed out for Tag Heuer, Renault is back, the all new Haas F1 team, a revamped Manor, three brand new drivers and two returning drivers, a raft of regulation changes among the newly tilled soil. The four engine manufacturers spent a combined 67 tokens among the 138 in the kitty, Renault using just seven of their 32. The only conclusive proof to come from the annual intermission was the otherworldly capability of Mercedes-AMG Petronas. The Silver Arrows didn't even try the super- and ultra-soft tires, focusing on reliability instead of speed. The result? They ran more than 19 race distances, obliterating the lap totals of every other team. There are certainly a few people who enjoyed the complicated new rolling-elimination qualifying format fast-tracked to approval just a few weeks ago. They were wildly outnumbered by those who thought it was awful, including the same team heads who voted for it. We'd probably have to go back to the debacle at the 2005 Indianapolis Grand Prix for an equivalent fiasco when Michelin pulled its teams over safety fears, leaving six cars out of 20 to qualify. In Australia, within 24 hours of the conclusion of qualifying, the new format had itself been eliminated. Nevertheless, qualifying also taught us what didn't happen over the winter: any other team progressing enough to outduel Mercedes. After admitting that he dropped off after winning the championship last year, then getting questioned in the press for some dubious off-season activities, Lewis Hamilton proved he can still turn it on when he wants to. The Brit smoked the Albert Park track in 1:23.837, more than three-tenths of a second ahead of teammate Nico Rosberg in second place. Ferrari did make strides during the off-season, but only enough to keep the same gap it had to Mercedes last year: Sebastian Vettel lined up third, a half-second behind Rosberg, teammate Kimi Raikkonen another four-tenths back in fourth place. Max Verstappen said Toro Rosso is the best of the rest, the Dutchman taking fifth place in front of Felipe Massa for Williams in sixth and Toro Rosso teammate Carlos Sainz in sixth. Daniel Ricciardo – who wasn't smiling after qualifying – kept Red Bull and its new "Tag Heuer" engines in the conversation with eighth on the grid.

Experience the New York Auto Show by drone

The Autoblog team recently returned from wildly running around the Javits Center to cover all the news and debuts at the New York Auto Show. Sometimes, it's nice to take a more serene look at the exhibition floor, though, and the event's organizers are providing that exact opportunity by flying a drone through the hall. Combined with the down-tempo music, this clip feels like a form of automotive meditation. If you're going to miss the show in the Big Apple, the drone also provides a good overview at the exhibition floor, especially at the stands from Lexus, Buick, Dodge, Mercedes-Benz, Toyota and BMW. Plus, it's a fun way to see some vehicles from a completely different angle than they ever appear on the road. Related Video: News Source: New York International Auto Show via YouTube Auto News New York Auto Show BMW Buick Dodge Honda Lexus Mercedes-Benz Toyota Videos drone 2015 ny auto show