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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.

Ford Mustang Shelby GT350R named Road & Track Performance Car of the Year

With a 526-horsepower, 5.2-liter V8 that roars to 8,250 rpm, it's really hard to consider the 2016 Ford Shelby Mustang GT350R an underdog in any fight. However, the Shelby held the lowest as-tested price and was only middle of the pack in terms of power in Road & Track's 2016 Performance Car of the Year challenge. The 'Stang's numbers clearly didn't tell the whole story about the potent coupe because Ford's muscle car grabbed the title in this year's test. A model needs to be new or significantly updated to be eligible for the honor, and R&T found an impressive slate of eight candidates this year. The challengers included the Bentley Continental GT3-R, Cadillac ATS-V Coupe, Chevrolet Corvette Z06, Dodge Viper ACR, Mercedes-AMG GT S, and Porsche Cayman GT4. The Ferrari 488 GTB was the most expensive of the bunch with an as-tested price of $347,942, which is five times more than the Shelby. Once the group was together, R&T hustled them over curving roads and on the National Corvette Museum Motorsports Park. There was a lot to love about the Shelby, even in this impressive crew. "With a flat-plane crank and Sport Cup 2 tires, the GT350R is a Mustang turned up to 11," editor-in-chief Larry Webster said in the announcement of the results. The GT350R joins some great company. Past winners include the Porsche 911 GT3 last year and the Corvette in 2013. For some fantastic photography and the complete appraisal of these performance machines check out R&T's website for the full story. Related Video: ROAD & TRACK NAMES THE FORD MUSTANG SHELBY GT350R THE 2016 PERFORMANCE CAR OF THE YEAR New York, NY (November 9, 2015) – Road & Track today named the Ford Mustang Shelby GT350R the 2016 Performance Car of the Year, beating out seven of the world's best new sports cars. The article appears in the December/January issue, on newsstands November 17, and on RoadandTrack.com. "With a flat-plane crank and Sport Cup 2 tires, the GT350R is a Mustang turned up to 11," said Larry Webster, editor-in-chief of Road & Track. "Not only does the car have soul and harness so much firepower with such ease, but the real achievement here is that it's so approachable. It's a car you can't help but love." The Mustang Shelby GT350R was the winner by a runaway vote.

2016 Mercedes-Benz GLC live from Germany

The introduction of the Mercedes-Benz GLC at Hugo Boss headquarters outside of Stuttgart was another step in the evolution of brand cohesion at the Three-Pointed Star. The twin philosophies reshaping the company's products are "Sensual Purity," the brand's design language, and "Modern Luxury," the umbrella term for its wood-and-technology approach to interior splendor and driver assistance systems. That meant the GLK, already a contrarian in the segment thanks to its "interesting" look and cozy cabin, was an outcast in Mercedes' own SUV lineup. The GLC fixes that, for those of you who thought it needed fixing. Gone are the sharp creases and angles inspired by the G-Class, replaced by a the curves dictated by brand purity. To this writer, it looks like a smaller version of the new GLE. Which makes this corporate exercise another in a line of good-looking-yet-less-distinctive successes. Less confrontational outside, the GLC is downright inviting inside. The cabin that impressed us in the C-Class is equally impressive here, particularly when optioned with the Designo leather and open-pore wood. The rear quarters feel roomier than the additional 1.3 inches in legroom would make you think, and it's the same with the three extra feet of cargo space – there's a lot of room behind the rear seats. One thing to note: the hybrid (which we won't get initially) loses a fraction of that extra room with a slightly higher load floor over the batteries. Although it makes less visual impression outside, the G-Class hasn't been forgotten here. The godfather of the lineup is the reason for stressing the GLC's off-road capability. We don't really believe the GLC will need to pass any off-road exams – at least, not on purpose – but that's not the point. By including such capability, Mercedes establishes a concrete connection with its war-tested and thoroughly badass SUV halo, a connection that none of its competitors can make save for Land Rover. On that subject, due to different regulations, the US-market GLC will have slightly different bumpers; instead of the 31-degree approach angle and 25-degree departure angle other markets get, our model will allow a maximum of 28 degrees front and back. Those numbers put in the same off-road playground as the Range Rover Evoque.