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Geely and Mercedes-Benz invest $780 million to make electric Smart cars

BEIJING/SHANGHAI — Zhejiang Geely and Mercedes-Benz on Wednesday said they would each invest $388.77 million (2.7 billion yuan) in a China-based venture to build "premium and intelligent electrified" vehicles under the Smart brand. The 50:50 venture has received regulatory approval and will be based in the Chinese coastal city of Ningbo, the Chinese and German automakers said in a statement. Like Mercedes-Benz, smart is a Daimler marque. The venture will have manufacturing capacity in China and sales operations in China and Germany, the automakers said. Geely will lead in engineering the cars while Mercedes-Benz will take charge of their overall look, they said. The partners will each have three executives on the board of directors, with Geely's Tong Xiangbei becoming the venture's global chief executive. Geely has expanded rapidly through mergers and acquisitions since buying Sweden's Volvo in 2010 from U.S. parent Ford. In 2018, it built a stake of almost 9.7% in Daimler and set up a ride-hailing venture in China with the Stuttgart-based carmaker. Its latest announcement comes just over a month after China's Great Wall and Germany's BMW formed a venture to build electric Mini-branded cars in China, the world's biggest market for electrified vehicles where demand for smaller EVs is on the rise. Related Video:

Zetsche's CEO tenure extended through 2016 at Daimler

There appear to be two takes on Daimler CEO Dieter Zetsche having his contract extended for three more years, to 2016. A report in The Detroit News quotes the chairman of Daimler's supervisory board, Manfred Bischoff, talking up the stability at the top, "With today's extensions of the contracts of Dieter Zetsche and Thomas Weber, we are maintaining the important continuity at the top executive level." Bischoff also stated that that Zetsche has a plan to "further enhance Daimler's overall performance."
Over at Reuters, though, the three-year extension was seen as a lack of complete confidence in Zetsche's plans, since his contract was supposedly meant to be extended by five years. A spokesman said the board decided to extend executive contracts by only three years if the person was 60 or would turn 60 during the contract, but that was news to observers. Zetsche wants to make Mercedes-Benz the top selling luxury manufacturer globally by 2020, but has fallen to third place behind Audi and BMW. It hasn't held the top spot 2005, and investors judged it valued at half that of BMW at the end of 2012 once Daimler's truck business was subtracted.
Analysts cites the fact that Daimler stock hasn't bested its rivals but twice in twelve years, and that the company revised its profit target downward last year by nearly one billion euros, warning of stagnant earnings this year and will miss its original margin target for 2013.

Sunday Drive: A new Rambo Lambo takes center stage

Surprise! Autoblog readers love fast cars. Doesn't matter what shape; doesn't matter what size. As long as it's got big power, wicked acceleration, and ludicrous speed, you're interested. Take, for instance, the brand-new Lamborghini Urus. It's got a 4.0-liter twin-turbocharged V8 sending 641 horsepower and 627 pound-feet of torque through an 8-speed automatic transmission to all four wheels. It hits 62 miles per hour in 3.6 seconds, and has a top speed of 189.5 mph. Ludicrous speed? Check. And although you'd be hard pressed to draw a line straight back from the upcoming Urus to the old, off-road-ready LM002, at least you can say that Lamborghini does have a history of producing overpowered SUVs. A 5.2-liter V12 engine producing 444 horsepower and borrowed from the Countach certainly qualifies as big power, especially considering this was in the 1980s and '90s. A prime example just sold for nearly half a million bucks. Moving along to more traditional sportscars, we got a sneak peek at the next Porsche 911's interior, thanks to some intrepid spy photographers. And we spy with our little eyes some major changes to the quintessential German sportscar. Finally, we round out this Sunday Drive with two First Drive reports. Both are German, but past that, they couldn't be more different. Either way, ludicrous speed is all but guaranteed by either one. As always, stay tuned to Autoblog for all the latest automotive news that's fit to print. The 2019 Lamborghini Urus, fastest SUV in the world, has landed Rare U.S.-spec 1990 Lamborghini LM002 fetches $467,000 at auction Next Porsche 911 will get a major interior overhaul 2018 Mercedes-Benz S-Class Coupe/Cabriolet Review | Creamy goodness 2018 BMW M5 First Drive Review | Power meets traction