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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.

Ford, Volvo top 2014 EyesOn Design awards

Each year at the Detroit Auto Show, the top vehicle designs are recognized with the prestigious EyesOn Design award for production and concept vehicles. This year, the 32 EyesOn Design judges (comprised of current and former vehicle designers including Chrysler designer and SRT president Ralph Gilles, Kia designer Peter Schreyer and retired General Motors designer Wayne Cherry) handed out three awards for the Best Concept Vehicle, Best Production Vehicle and Innovative Use of Color, Graphics, and Materials.
Beating out the Mercedes C-Class and Ford F-150, the 2015 Ford Mustang was named the Best Production Vehicle as the top auto show debut at this year's Detroit show. The 2014 Volvo Concept XC Coupe took home awards as the Best Concept Vehicle and for its Innovative Use of Color, Graphics and Materials.
Considering the Volvo's primer grey hue and subtle orange accents, it was a rather surprising winner for Innovative Use of Color, Graphics, and Materials over flashier concepts like the Toyota FT-1 and our Editors' Choice top pick, the Kia GT4 Stinger. Other vehicles in the running for the concept car award include the GT4 Stinger and Audi Allroad Shooting Brake

2021 Volvo XC60 Review | Swedish design; no assembly required

The 2021 Volvo XC60 may not be the first car to spring to mind when considering European luxury crossovers, but despite lacking the cachet of tier-one manufacturers, it is a solid, safety-first offering with attractive styling and excellent interior design, rising above the mainstream market and rivaling some of the continent’s best. The XC60Â’s cabin is uniquely Swedish: clean, modern and at its tastefully adorned best when done up in earth tones and natural wood trim. You won't confuse it for something from Germany or Japan. Its seats are among the most comfortable and supportive of any luxury car under $100,000, and its Sensus infotainment system is capable and flexible. No Volvo is perfect. Wheel size upgrades tend to disproportionately impact ride comfort, and Sensus can be slow to boot up and respond to inputs. Its powertrains are also lacking in refinement, with even the 400-horsepower plug-in hybrid model (Formerly the T8; now dubbed “Recharge”) lacks polish despite its robust performance. But the XC60 is nonetheless impressive, and thanks to its diverse array of powertrain options and versatile tech suite, this luxury crossover offers something for everybody. WhatÂ’s new for 2021? For 2021, the XC60 is largely carry-over. Models with the T8 powertrain are now referred to as “Recharge,” which is VolvoÂ’s new universal name for its plug-in hybrids. Keyless entry is now standard, along with illuminated door handles. WhatÂ’s the interior and in-car technology like? VolvoÂ’s attractive and refined shape is mirrored in its stylish, welcoming interiors. With premium materials and beautiful design from top to bottom, itÂ’s difficult to find anything negative to say about the XC60Â’s interior. Open-pore wood and real metal are both available depending on trim, and Recharge Inscription models even get an Orrefors crystal gear selector. VolvoÂ’s Sensus infotainment suite is compatible with both Android Auto and Apple CarPlay, and also offers robust integration with phones via Bluetooth, including speech-to-text, allowing it to read and compose text messages without outside assistance. Sensus lacks polish in some areas, offering slow boot-up times and menus that can be difficult to navigate on the road. Still, several of our editors appreciate its touchscreen layout and find it less overwhelming than admittedly quicker and flashier systems like Mercedes' MBUX and BMW's iDrive.