2000 Volvo S80 2.9 Sedan 4-door 2.9l on 2040-cars

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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.

Volvo begins rolling out over-the-air software updates in the U.S.

Volvo announced that two of its models are now compatible with over-the-air software updates. The electric XC40 Recharge and three versions of the XC60 are eligible to receive a variety of wireless changes including driving range improvements and small bug fixes. The Swedish firm published details about its over-the-air software updating system shortly after going public. It's compatible with the new Android-based infotainment system found in many of its cars, including the C40 Recharge unveiled in 2021, and it works a lot like the similar technology that your smartphone features in the sense that the software updates itself; there's no need to stop by a dealer or plug in a USB drive. When an update is ready, a message appears on the dashboard-mounted touchscreen asking motorists if they want to download it. Owners of compatible cars in the United States received their first over-the-air software update last week. Labeled version 1.7, it notably added SiriusXM satellite radio compatibility. Volvo also noted that the XC40 Recharge received additional driving range during the update. Looking ahead, Volvo plans to wirelessly add new features and enhancements to the infotainment system. Only some 2021 and 2022 models can receive over-the-air updates. As of writing, the list of compatible cars is limited to the aforementioned XC40 Recharge, the XC60, the XC60 Recharge, and the XC60 Polestar Engineered. It's reasonable to assume that the feature will spread across the range in the coming years as new models are launched. Sister company Polestar also offers over-the-air updates on the 2. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Man convicted of spying on truck maker Scania for the Russians

STOCKHOLM — A Swedish court on Wednesday sentenced a 47-year-old man to three years in prison for spying for Russia, which involved selling secret information from truck maker Scania. The court said it had found the man guilty of acquiring and selling the secret information from the truck maker to a Russian embassy official. The court acquitted the man of similar espionage charges at Geely-owned carmaker Volvo Cars. "To be convicted of espionage, it is required that Sweden's security can be damaged if the information benefits foreign powers," the court said in a statement. "The district court has ruled that this is the case with regard to the information that the man obtained from Scania, while it has not been proven that this is the case with regard to the information from Volvo." The court statement said the man regularly received cash at his meetings with the Russian embassy official, which it considered was compensation for the information provided. The man, who has denied wrongdoing, was apprehended whilst meeting the diplomat in a restaurant, having just received 27,800 Swedish krona ($3,242). He worked as a consultant for Volvo Cars in 2016 and 2017 and for Scania in 2018 and 2019, until he was arrested. The man's lawyer said he would appeal. Scania is owned by truck maker Traton. Government/Legal Volvo Scania