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Geely wants to be a tech-sharing 'friend' of Daimler in $9B bet

Chinese carmaker Geely has built up an almost 10-percent stake in Daimler in a $9 billion bet by its chairman that he can access the Mercedes-Benz owner's technology in the growing battle for the future of automotives. The purchase by Li Shufu, Geely's founder and main owner, means China's largest privately-owned automaker is now the biggest shareholder in Germany's Daimler. Geely said on Saturday there were no plans "for the time being" to raise the stake further. Instead, it will seek to forge an alliance with Daimler, which is developing electric and self-driving vehicles, to respond to the challenge from new competitors such as Tesla, Google and Uber. "No current car industry player is likely to win this battle against the invaders from outside without friends. To achieve and assert technological leadership, one has to adapt a new way of thinking in terms of sharing and combining strength. My investment in Daimler reflects this vision," Li said. "Daimler is pleased to announce that with Li Shufu it could win another long-term orientated shareholder, which is convinced by Daimler's innovation strength, strategy and future potential," the German company said in a statement. Geely officials plan to travel to Stuttgart to meet Daimler executives early next week and also hope to meet top German government officials in Berlin, two sources familiar with the matter told Reuters. The Chinese firm plans to use the meetings to underline that it intends to be a supportive long-term investor, they said. Daimler had no immediate comment on any meetings. Geely and the German economy ministry declined to comment. Chinese investors in German technology companies have tended to take a consensual approach, buying incremental stakes in companies such as robotics firms Kuka and Kion, typically after long consultation with management and other stakeholders. In November, Geely asked Daimler to issue new shares so it could buy a stake, as a way to access Mercedes-Benz technology for electric cars and trucks, including battery technology, to help Geely comply with a Chinese crackdown on pollution. But the German company turned down the offer saying it did not want to dilute existing shareholders, sources at the time told Reuters. Li changed tactics, and quietly amassed a stake of 9.69 percent worth $9 billion at Daimler's current share price.

Rosberg survives the Mexican mess | 2016 Mexican Grand Prix recap

Roughly ten messy laps defined the Mexican Grand Prix – five laps at the start and five at the end. Those laps included a couple of actual wrecks and a few more near wrecks that turned the entire day into chaos. To have any chance of winning the 2016 Driver's Championship, Lewis Hamilton needed to get his Mercedes-AMG Petronas across the finish line ahead of teammate Nico Rosberg. Once again we got a weekend full of vintage Hamilton, the Brit dominating the from Friday to Sunday, except for the first corner of the first lap. Pole-sitter Hamilton reached Turn 1 clearly in front of the field. But he couldn't make the corner and stay on track, so he zipped into the runoff area and over the grass, rejoining at Turn 3 still ahead of the field. The stewards didn't penalize Hamilton, one commentator's explanation being that Hamilton "was not battling another car." The non-action left car #44 to enjoy a lights-to-flag win. At that very same corner, Rosberg also availed himself of the runoff area. His infraction seemed destined to incur a penalty until replays showed that Max Verstappen in the Red Bull slid wide and bumped Rosberg, causing the German to go off track. No penalties were handed out there, either. Verstappen would return to hound Rosberg later in the race when angling for second place. Verstappen took a stab through Turn 4 on Lap 50 of the 71-lap race, but ran off the track and lost touch with the Mercedes by Lap 55. Ferrari got half of its strategy right in Mexico, putting Sebastian Vettel hard on the charge in the final stint. The German got within DRS range of Verstappen on Lap 67, with Red Bull's Daniel Ricciardo a little more than a second behind Vettel. On Lap 68, Verstappen pulled the same move as Hamilton at the beginning of the race: the Dutchman ran wide through Turn 1, zoomed over the grass and rejoined the track at Turn 3, staying ahead of Vettel the whole time. With three laps remaining, the stewards chose to investigate after the race. In spite of Verstappen's own team telling he probably needed to cede position to Vettel, Verstappen stayed in front and slowed just enough to put Vettel under threat from Ricciardo. On Lap 70 Ricciardo had closed up to Vettel's gearbox. Headed for Turn 4, Vettel swung outside to take the corner. When Ricciardo moved inside to pass, Vettel moved inside to block the Aussie while both cars were in the braking zone. The Ferrari made light contact with the Red Bull, but Vettel held his position through Turn 5.

Mercedes unveils GLC350e 4Matic PHEV

Mercedes-Benz intends to introduce at least 10 plug-in hybrid models to the market by 2017, and the the Mercedes GLC350e 4Matic is the latest one to show its electrified face. It's also the second crossover from the company to offer a PHEV version following the GLE550e 4Matic. Mercedes isn't releasing all of the details about the plug-in GLC yet, but it combines an internal combustion engine making 208 horsepower and a 114 hp electric motor with a seven-speed gearbox. Total torque is 413 pound-feet. The combo is enough to get the all-wheel drive crossover to 62 miles per hour in a purported 5.9 seconds and a claimed top speed of 146 mph. Fuel economy in the European cycle is estimated at the equivalent of about 90 miles per gallon, and there's a 21-mile pure electric range for zero-emissions cruising. Based around the newly introduced GLC-Class, buyers can still order a plethora of luxurious amenities, but the plug-in powertrain also comes with a few tweaks to help drivers maximize fuel economy. There's a haptic accelerator with a resistance point to indicate the switch between electric and combustion power. In addition, the hybrid system can anticipate the road ahead through radar and GPS to manage things as efficiently as possible. One of the GLC hybrid's biggest advantages when it arrives is the small field of competitors. Neither BMW nor Audi currently have a compact luxury crossover of this size with a hybrid option in the US. That really only leaves the Mercedes to take on the Lexus NX300h with total system output of 194 hp, and that's not even a plug-in. The GLC350e 4Matic isn't part of the new model's initial launch lineup in the US. It should be coming along later, though. Key topic: Energy efficiency - Economy on four wheels A revised all-wheel-drive powertrain, the outstanding aerodynamics and the intelligent lightweight design are the primary reasons for the high energy efficiency of all the new GLC models. The conventional diesel and petrol models boast significant reductions of up to 19 percent in both fuel consumption and CO2 emissions in comparison to the previous generation, while at the same time improving performance. GLC 220 d 4MATIC GLC 250 d 4MATIC GLC 250 4MATIC Output, kW/hp 125/170 150/204 155/211 Torque, Nm 400 500 350 Fuel consumption (l/100 km) 5.0 - 5.5 (6.1 - 6.5) 5.0 - 5.5 (6.1 - 6.6) 6.5 - 7.1 (7.5 - 7.9) ? Consumption % -19 -19 -12 CO2 g/km 129 - 143 (159 - 169) 129 - 143 (159 - 169) 152 - 166 (173 - 180) ?