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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.

Volvo S60 Polestar entering limited production in Australia [w/video]

The Volvo S60 Polestar Concept may be entering limited production in Australia and, depending how the Aussies take to this Swedish super sports sedan, could then be made available worldwide. The news comes from Austrlia's GoAuto, which claims to have received early info from its sources inside Volvo and its tuning/motorsport arm, Polestar.
Polestar released a short teaser video this week (watch it below) of what appears to be the S60 Polestar Concept clipping the snowy apex of an ice track's turn. The only information given with the teaser were the words "Limited Edition. Soon in Australia." Unveiled last June, the S60 Polestar concept has since made the rounds at auto shows, visited Jay Leno's Garage, played on the track with its future competition, and even secured a home for itself with a buyer who reportedly is paying Volvo some $300,000 to own it.
The S60 Polestar Concept is about the meanest machine one can imagine making out of Volvo's sports sedan. Packing 508 horsepower and 424 pound-feet of torque from its heavily modified T6 engine, then routing those revolutions through a six-speed manual transmission to all four wheels, the S60 Polestar is said to cover the sprint to 62 miles per hour in 3.9 seconds. A lower and wider body, brakes by Brembo, suspension bits by Ohlins and a diet to delete some weight make this car a serious issue for M3 and C63 AMG owners everywhere. GoAuto's sources say the production version's performance will be dialed back a bit from the concept's, but we'll have to wait until Volvo and Polestar make this sedan's production official to find out by how much.

Volvo working on ultra-lux four-seat XC90 for China?

In China, it's all about being driven. That's why we've seen so many automakers stretch their most popular models to appeal to buyers in the Chinese market. Volvo is certainly no stranger to this, and according to Autocar, the company is already working on a super-lux, four-seat version of its recently launched XC90 crossover.
Volvo won't stretch the XC90 and just increase second-row legroom, however. Instead, the company will reportedly remove both the standard XC90's second and third row benches, and install a duplicate set of front seats in the rear compartment, featuring the same electric adjustment features, including massage. These more luxurious thrones will be placed further back in the vehicle, allowing for "exceptional" legroom, Autocar reports, without needing to stretch the wheelbase.
Mum's the word on when we can expect to see the high-zoot Volvo arrive, though the magazine estimates that it surface later this year.