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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.

Junkyard Gem: 1965 Volvo Amazon Wagon with a heartfelt goodbye

Volvo did reasonably well selling the homely PV444/544 in the United States beginning in the middle 1950s, and its better-looking successor first appeared on our shores as a 1960 model. That was the Amazon, which was available here through 1968. Today's Junkyard Gem is one of those cars, found in a Northern California self-service yard recently. The Amazon name wasn't used on these cars in North America (they were given 122S badging here), but everybody uses the home-market name for these cars by this time. The engine is Volvo's reliable 1.8-liter pushrod straight-four, rated at 115 horsepower and 112 pound-feet. The transmission is a four-speed manual. I've found quite a few discarded Amazons during my junkyard travels, as these are rugged cars that have long inspired powerful affection from their owners. This one was so beloved that its final owner penned a farewell note to its flank before sending it on its final tow-truck ride to Pick-n-Pull. The car saved at least two lives, though it would have been nice to get more details here. The car that did it all! It was in rough shape by the time of its retirement, with the top-down rust you see on California cars that live near the Pacific and its salt spray. Junkyard shoppers had purchased most of the interior and trim components by the time I arrived. The replacement for the Amazon was the 140, which arrived in the United States as a 1968 model and later evolved into the 200 Series. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Turns you into a Swedish rally driver! This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Volvos are built so well that they last an average of 11 years in Sweden. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. The best Amazon commercials are in Swedish, of course.

Volvo to create 3,300 jobs at $1.25 billion EV plant in Slovakia

BRATISLAVA, Slovakia — Swedish luxury vehicle maker Volvo Cars plans to build a new European plant in eastern Slovakia, the countryÂ’s economy minister said Friday. VolvoÂ’s third European plant will be located in Kosice, SlovakiaÂ’s second-largest city, Economy Minister Richard Sulik said. Volvo will receive about 20% of the 1.2 billion euros ($1.25 billion) needed for the project as support from the Slovak government. The plant is expected to produce some 250,000 electric cars a year and to create some 3.300 jobs. Construction is scheduled to begin next year and production to start in 2026.  GermanyÂ’s Volkswagen, FranceÂ’s PSA Peugeot Citroen, South KoreaÂ’s Kia Motors Corp. and U.K.-based Jaguar Land Rover already have major plants in Slovakia, a Central European country of 5.5 million people. Volvo's plant will be the fifth there, and will bolster the country's standing as the biggest car producer per capita in the world, with the central European country of 5.4 million producing more than 1 million cars in 2021. For Volvo Cars, it will be its third plant in Europe and will build EVs only, in line with the company's ambition to produce EVs exclusively by the end of this decade. The European Union aims to phase out new fossil fuel car sales by 2035. "Expansion in Europe, our largest sales region, is crucial to our shift to electrification and continued growth," Chief Executive Jim Rowan said in a statement. The area targeted for the plant has long had high unemployment compared with the western part of the country. "I am very pleased that Slovakia succeeded in the competition for this mega investment that will bring development and many jobs to the east of Slovakia," Economy Minister Richard Sulik said in a statement. Volvo Cars' other European plants are in Belgium and Sweden. Its output last year rose by 5.6% to almost 700,000 automobiles, of which 27% were either fully electric or plug-in hybrids. The company, which is majority-owned by China's Geely Holding, listed on Nasdaq Stockholm last October. Includes material from Reuters.