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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.

VW looking to MAN up, ditch Mercedes van deal

Unlike the US, the commercial truck market throughout the rest of the world is chocked full of competitors from many different automakers. Since 2006, Volkswagen has had a fullsize van called the Crafter that was a result of a partnership with Daimler AG and based on the Mercedes-Benz Sprinter. This partnership is supposed to last through 2016, but Reuters is reporting that VW might be looking to end its relationship with Daimler and create its own van in cooperation with German truck and bus maker MAN.
The article says that VW AG has more than a 75-percent stake in MAN, which would essentially be keeping the new commercial vehicle in-house. Even if VW bolts, Daimler still has a deal worked out in the commercial truck industry between its subsidiary Mitsubishi Fuso and Renault-Nissan to supply the other with different trucks.

Lewis Hamilton wins record sixth British Grand Prix

SILVERSTONE, England — Formula One championship leader Lewis Hamilton won a record sixth British Grand Prix on Sunday after jumping ahead of Mercedes teammate Valtteri Bottas by taking advantage of the safety car being deployed. In front of his home fans, Hamilton made the decisive move to the front in the 20th of the 52 laps by pitting to get new tires. With the safety car still out after Antonio Giovinazzi spun off in his Alfa Romeo, Hamilton rejoined ahead of pole-sitter Bottas. "The safety car came out and it was perfect timing," Hamilton said. Hamilton had initially attacked Bottas on the fourth lap, overtaking but failing to keep position. "It was maybe not my luckiest day," Bottas said after falling 39 points behind Hamilton in the championship standings. "But that's life." After finally moving into the lead, Hamilton avoided pitting again so stayed on hard tires while Bottas was on fresher soft ones but the world champion still set a lap record on the final lap. By beating Bottas by almost 25 seconds, Hamilton extended his championship lead over the Finn to 39 points and moved ahead of Jim Clark and Alain Prost to take the record for British GP victories. "I love you Silverstone," Hamilton said over the team radio in the week when the track's future for the race was secured until at least 2024. It was an 80th career win for Hamilton, of which seven have come in the 10 races this season. "Today was one of the best days I can remember having," Hamilton said. "I have done so many races you would think I would get used to it or the feeling would numb down but it feels as amazing as the first win (at Silverstone in 2008)." Charles Leclerc of Ferrari completed the podium after a crash in the fight for third saw Sebastian Vettel crash into the back of Max Verstappen on lap 38. "It was my mistake," Vettel said. "He passed me and he ran a bit wide which gave me the chance to come back. "I looked for a second he was going for the right and there would be a gap on the left ... but it didn't open and by that time it was already too late." Too late for Vettel to avoid crashing his Ferrari into the back of Verstappen, damaging the floor and diffuser of the Red Bull. "He apologized," Verstappen said. Vettel finished 15th and now trails Hamilton by 100 points in fourth place. Motorsports Ferrari Mercedes-Benz Racing Vehicles F1 Lewis Hamilton british grand prix