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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.

2015 Mercedes-Benz GLA250 4Matic Quick Spin [w/video]

Certain expectations come with the name "Mercedes-Benz." We picture cars with luxuriously appointed interiors, fashionable exteriors, Autobahn-worthy performance, and a ride that delivers an optimal balance between agility and outright comfort. Expectations, though, are no friend to the GLA250. This is a car that is deeply confused as to its purpose in life – can it be a proper Mercedes-Benz while still being a reasonably priced, subcompact crossover? After a week behind the wheel, we believe the two are mutually exclusive. Driving Notes The exterior styling is similar to the not-for-America A-Class hatchback, with the only major differences found on the rear end. That means that even with its flashy 19-inch AMG wheels and sport body styling – more aggressive front and rear fascias – the GLA is a stylish piece. We might even call it cute. Considering our 4Matic model's reasonable $34,225 starting price, the interior treatment is both attractive and uses mostly quality finishes. The matte Satin Light Brown Poplar wood ($325) covers a large portion of the dash, while the real metal found on the air conditioning vents is elegant and handsome. There is a lot of plastic in the cabin: It's soft on the dash, and switches to a piano-black finish in spots, but the center console and door finishers don't feel like they came from the Mercedes parts bin. In general, the GLA's cabin feels roughly equal to that of the Audi Q3 and BMW X1 – nice, but a step lower than what we've come to expect from Mercedes. The two-piece, leather-lined seats look great, but even with standard 14-way adjustability, they lack support. The bottom cushion is very flat, and doesn't support the legs. For this author, that's a recipe for near-constant back pain. That said, the chairs do look good, especially in the brown of this test car. The GLA250, like a few other models in the Mercedes range, uses a 2.0-liter, turbocharged four-cylinder, delivering a weak 208 horsepower. It makes up for that shortcoming with 258 pound-feet of torque from 1,250 rpm to 4,000 rpm. On paper, this sounds good, but in the real world, the 2.0T's power is tough to access. That's due more to the shortcomings of the seven-speed dual-clutch automatic than the engine itself. With three modes – Eco, Sport, and Manual – we thought we'd find at least one that could serve up precise downshifts.

2018 Range Rover Sport Coupe spied in Scotland

Sport utility vehicles are the rage. SUVs with coupe styling are pretty popular, too, as BMW and Mercedes have demonstrated. Now it's Land Rover's turn. Believed to be the upcoming Range Rover Sport Coupe, this ute was spied this week during top secret testing at a remote location in Scotland. The vehicle would slot between the Range Rover Sport and Evoque, giving Land Rover an answer to the Mercedes GLE and BMW X6. These shots show what appears to be a chopped roofline, giving the new model a sportier profile than the traditional upright silhouette of Rovers. We expect it will use a version of the aluminum Jaguar F-Pace platform and offer V6 and V8 engines. It could also offer a hybrid or full electric version. The new crossover might also be lower set in a bid to differentiate it from traditional Rovers and give it a performance vibe. The Range Rover Sport Coupe – or whatever it is ultimately called – would enter a strong segment that's found favor in the United States. Once derided for potentially offering less function than traditional utes, these lifestyle vehicles have developed a strong following for their style and capability. The X6 was so successful, BMW added the smaller X4, and this forced Mercedes to follow suit with the GLE and GLC coupe variants. In this context, it's about time for Land Rover to join the fray. Related Video: Featured Gallery 2018 Land Rover Range Rover Sport Coupe View 12 Photos Image Credit: KGP Photography Design/Style Spy Photos BMW Land Rover Mercedes-Benz