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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.

Defying Trump, major automakers finalize California emissions deal

WASHINGTON — The California Air Resources Board (CARB) and major automakers on Monday confirmed they had finalized binding agreements to cut vehicle emissions in the state, defying the Trump administration's push for weaker curbs on tailpipe pollution. The agreements with carmakers Ford Motor Co, Volkswagen AG, Honda Motor Co and BMW AG were first announced in July 2019 as voluntary measures prompting anger from U.S. President Donald Trump. A month later, the Justice Department opened an antitrust probe into the agreements. The government ended the investigation without action. The Trump administration in March finalized a rollback of U.S. vehicle emissions standards to require 1.5% annual increases in efficiency through 2026. That is far weaker than the 5% annual increases in the discarded rules adopted under President Barack Obama. The 50-page California agreements, which extend through 2026, are less onerous than the standards finalized by the Obama administration but tougher than the Trump administration standards. The automakers have also agreed to electric vehicle commitments. Volvo Cars, owned by China's Geely Holdings, said in March it planned to join the automakers agreeing to the California requirements. It has also finalized its agreement. The settlement agreements say California and automakers agreed to resolve "potential legal disputes concerning the authority of CARB" and other states that have adopted California's standards. In May, a group of 23 U.S. states led by California and some major cities, challenged the Trump vehicle emissions rule. Other major automakers like General Motors Co, Fiat Chrysler Automobiles NV and Toyota Motor Corp did not join the California agreement. Those companies also sided with the Trump administration in a separate lawsuit over whether the federal government can strip California of the right to set zero emission vehicle requirements. Ford said the "final agreement will reduce emissions in our vehicles at a more stringent rate, support and incentivize the production of electrified products, and create regulatory certainty." BMW said "by setting these long-term, predictable, and achievable standards, we have the regulatory certainty that is necessary for long-term planning that will not only reduce greenhouse gas emissions but ultimately benefit consumers as well." 

Volvo Concept Coupe is a long-legged Swedish GT [w/video]

They may not be the first thing that comes to mind when you think of the marque, but Volvo has a long and surprisingly lustrous lineage of coupes in its stable, from the P1800 to the 142 to the Bertone 262C to the 780 Bertone and the recently departed C70. Few of those two-doors have stood the test of time the way the voluptuous P1800 has, a fact the company's designers are apparently keenly aware of. It is that exact model that Volvo says they've drawn upon for this new Concept Coupe, and while the showcar bears little resemblance to the smaller P1800 that inspired it, both cars have a visual grace and presence that has often eluded the brand's grasp.
While not completely ripping up the design language established by the 2001 S60 in 2000, the Coupe Concept is arguably the most radical design statement we've seen from Volvo in well over a decade. Gone is the tone set by the drop-shoulder hood, and in its place is a more flowing, organic look, with the generous proportions of a grand tourer. The concept is a particularly nice piece of work, from its new T-shaped daytime running lamps to its pronounced rear fenders that subtly echo those of the P1800. Interestingly, Volvo informs that the first production model to benefit from this new aesthetic will be the next-generation XC90 crossover - and judging by the teasers we recently saw, this language looks like it'll translate nicely to the CUV's larger shape.
The Concept Coupe is powered by a through-the-road plug-in hybrid architecture composed of a twincharged 2.0-liter four-cylinder powering the front wheels and an electric motor servicing the rears. All-in, Volvo says the system is good for 400 horsepower and 443 pound-feet of torque.