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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 reveals V60 Cross Country ahead of LA

Volvo is bringing a model to the Los Angeles Auto Show that isn't afraid to get a little dirty. The Swedish automaker will finally unveil its V60 Cross Country crossover, and it has confirmed that the model will be available in North American markets shortly.
The Cross Country takes Volvo's standard V60 compact wagon and injects a little more off-road capability and visual flavor into the platform. US and Canadian models will arrive with Volvo's 250-horsepower, five-cylinder engine with a standard automatic transmission and all-wheel drive. The company says the powertrain should get around 23 miles per gallon fuel economy on the combined cycle.
To be ready to go just a little bit off the beaten path, the suspension sits about 2.6-inches higher than the regular version. The body is also equipped with skid plates in the front and rear, side scuff plates, fender extensions and exhaust outlets integrated into the rear bumper. Hill Descent Control will also augment capability, as well.

Cadillac tops Tesla in Consumer Reports semi-automated driving test

General Motors' Cadillac outscored Tesla in a new ranking of partially automated driving systems tested by Consumer Reports and released on Thursday. The highly influential nonprofit organization, which tests and rates a variety of consumer products from appliances to vehicles, said it compared Cadillac's Super Cruise and Tesla's Autopilot with similar systems from Nissan and Volvo. Nissan's ProPilot Assist was ranked third and Volvo's Pilot Assist fourth. Consumer Reports said it has been testing partially automated driving systems for several years but elected to conduct a formal study intended for publication, because "we are at a tipping point where they are now going mainstream," according to Jake Fisher, director of auto testing. The organization said its tests, conducted on a private track and on public roads in Connecticut, were designed to measure the systems' ability to automatically control steering and speed in certain situations, while helping drivers pay attention and regain manual control of the vehicle when required. CR noted that any of these systems can increase driving risk if used in inappropriate situations, or if drivers become inattentive or over-reliant on them. While they can help relieve driver stress and fatigue, Consumer Reports said, the partially automated systems are "not intended to be self-driving features." The systems typically use cameras, radar and other sensors, as well as mapping data, to monitor location and traffic conditions and help keep a vehicle centered in the lane at a safe distance behind other cars. Each system has limitations. Cadillac's Super Cruise, for instance, only functions on divided highways that have been mapped by GM. In contrast, Tesla's Autopilot can be used even on small, curvy roads with poor lane markings, but "operates erratically in those situations," Consumer Reports said.The organization tested Super Cruise on the Cadillac CT6; Autopilot on the Tesla Model 3, Model X and Model S; ProPilot Assist on the Nissan Leaf and Infiniti QX50; and Pilot Assist on the Volvo XC40 and XC60. Consumer Reports said Cadillac's Super Cruise did "the best job of balancing high-tech capabilities with ensuring the car is operated safely and the driver is paying attention." Tesla's Autopilot was cited for its capability and ease of use, while Nissan's ProPilot Assist did a better job than Autopilot or Volvo's Pilot Assist in keeping drivers engaged.