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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.

Recharge Wrap-up: Formula E car swap video, Lyft adds carpooling, new Tesla book

Curious to see how the Formula E car swap goes down? During each hour-long race (or ePrix, as the series calls them), drivers have to make a pit stop to switch cars as the battery runs down. Of course, they want to do it as quickly as possible. It's kind of a tricky dance extricating oneself from the cockpit of one car and slipping into the seat of another facing the opposite direction. See the maneuver in the video below and read more at Jalopnik. A new report forecasts that the CNG and LPG vehicle market will be worth nearly $5.2 billion by 2019. The report cites fluctuating gasoline and diesel prices, and the relatively low prices of these alternative fuels, for their growing popularity. The report also breaks down the popularity of natural gas and propane vehicles in different parts up the world. In the Asia-Pacific region, China is the largest consumer. In Europe, CNG thrives in Italy, while LPG is most popular in Turkey and Poland. Meanwhile, CNG remains a tough sell in America, while South America has a healthy market. Learn more in the press release below or at Markets and Markets. The Ports of Los Angeles and Long Beach are testing trucks connected to overhead electric wires to reduce emissions and improve air quality. The eHighway, as the project is called, will cost $13.5 million and will use battery electric and hybrid trucks to move cargo around the ports along a one-mile stretch of wires. The trucks, made by Siemens and Volvo, also have the ability to disconnect from the wires and drive under their own power. See more in the video below or read more at ABC7. Lyft is introducing its own carpooling feature to its car-hailing app. Yesterday, we reported that its competitor Uber is testing UberPool, and Lyft is now doing something similar to encourage people to share rides. Lyft Line offers discounted rides, and matches passengers who are going to nearby destinations around the same time. Lyft Line offers passengers a guaranteed price before they accept the ride. Lyft is launching the carpooling service in San Francisco, and hopes to expand it from there. Read the in-depth article at The New York Times. A new book is available called Tesla Motors: How Elon Musk and Company Made Electric Cars Cool, and Sparked the Next Tech Revolution. Written by Charles Morris, senior editor of Charged, it chronicles the history of the famed electric automaker, its achievements in business and technology and the people responsible for Tesla's success.

Volvo EX90 EV is heavy on sustainability with new Nordico cabin material

After hints from former Volvo CEO Hakan Samuelson and a trademark application for the term "Embla," we'd suspected the electric successor to the XC90 would be called the Embla. New Volvo CEO Jim Rowan explained that after taking brand familiarity into account, the people who decide the names of things decided "EX90 marks a new iteration on our current nomenclature and is reflective of our transition toward a full-electric lineup by 2030." Another symbol of the transition to all EV all the time is Volvo interior designers believing they have created "one of the most pleasant and elegant car interiors on the market" by "reinterpreting luxury and well-being [through the] essential qualities of Scandinavian design: simplicity, well-being and natural sources." Senior Design Manager Cecilia Stark tells us the nut and bolt of this is Forest Stewardship Council-certified wood, and wool shorn off sustainably raised sheep. Backlit wood trim lines the EX90's cabin, reminiscent of a Scandinavian living room. The wool is a secondary fabric option, buyers first invited to enjoy Volvo's new Nordico synthetic fabric made from ingredients like recycled PET bottles and responsibly sourced pine resin from managed forests in Sweden and Finland. Counting Nordico and other synthetic textiles in places like the carpeting, Volvo says there are "almost 50 kilograms of recycled plastics and bio-based materials" in an EX90 cabin, surpassing the amount for every other vehicle in the automaker's range.  There will be a standard luxury aspect to configuring the flagship crossover, though. Mostly discussed as a feature among super luxury makers who offer so many options that buyers can be overwhelmed into analysis paralysis, Volvo designers have created themed "rooms" encompassing EX90 exterior colors, upholstery, and decor. We don't know how many rooms will be offered, and we're not used to seeing exterior hues included in themed packages, so this should be interesting.     Volvo will show the EX90 on November 9. The crossover is slated to go into production at the automaker's South Carolina plant before the year is out. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.