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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.

Polestar looking to tune Volvo CUVs

Volvo is getting serious about emerging from the fringes and into the mainstream of the luxury automobile market. But if it's going to challenge the Germans, it's going to need a performance line. And that's just what it's developing with Polestar.
Building on the motorsport partnership that has seen Polestar represent Volvo in the Scandinavian Touring Car Championship, World Touring Car Championship and V8 Supercars series, Polestar has been charged with developing road-going performance Volvos as well. It currently offers comprehensively tuned versions of the S60 and V60, as well as engine upgrades for other models, but the latest word has it that Polestar will turn its attention next to tuning Volvo crossovers like the XC60 and the new XC90, pictured above in top-spec R-Design trim.
Details on how Volvo would modify those models remain to be determined, but it wouldn't be much of a stretch to imagine the XC60 outfitted with similar enhancements to those offered on its sedan and wagon stablemates to mount a challenge to the Audi SQ5. As for the larger XC90, it seems Volvo is already squeezing as much out of its new 2.0-liter triple-charged inline-four as it can, but more aggressive handling, aero and brakes could stand to transform the flagship crossover in pursuit of performance utes like the Mercedes ML63 AMG and BMW X5 M, even if it couldn't quite match their impressive horsepower outputs.

Volvo announces a move away from wagons and sedans as SUV fever spikes

Volvo will move away from station wagons and sedans as it pivots towards an electric-only lineup. While it won't abandon either body style, it hinted it will pare down its presence in both segments as it launches more crossovers. "We need less variants of sedans and wagons. We have a lot of wagons today, with the V60, the V90, the Cross Country, and the non-Cross Country, plus a lot of sedans big and small, long, and extra-long. We need to move from wagons and sedans. We will still have them in the future, but probably not as many," warned company boss Hakan Samuelsson in an interview with British magazine Autocar. He pointed out Volvo's sales mix is about 75% SUVs. Volvo's portfolio in 2021 includes two wagons, the V60 and the V90. Each one is available as a regular low-riding model, or as a Cross Country-branded high rider with all-wheel-drive and rugged styling cues. Selling wagons in 2021 is difficult, even for a brand like Volvo that's been closely associated with the body style for decades. American motorists fell out of love with the long-roof years ago, and Chinese drivers never liked them to begin with. Europeans still buy lifted wagons, but low-riding models are a tough sell, even in Volvo's home country of Sweden. Reading between the lines suggests non-Cross Country-badged models will be axed from the range in the coming years. As for sedans, Volvo has two: the S60 and the S90. It's not too far-fetched to speculate that at least one won't be replaced at the end of its life cycle. While nothing is official yet, and this is just a guess, our money is on the S90. High-riding vehicles are what the market wants in the 2020s, and Volvo (like everyone else) is following demand. It added a fourth model to its palette of crossovers and SUVs when it introduced the 2022 C40 Recharge, an electric soft-roader with XC40 underpinnings and a fastback-like roof line. Unverified rumors claim a flagship model tentatively called XC100 is on its way, and Samuelsson confirmed an entry-level crossover called either XC20 or C20 is currently under development. The model's architecture will come from China-based parent company Geely. Samuelsson explained the shift to an all-electric range will have a profound effect on Volvo's design language. First, a lot of its upcoming cars will be taller, because it's easier to pack a bulky battery pack into a crossover than into a sedan. Second, the firm's future design language will be more streamlined.