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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.

Mercedes to add 10 new plug-ins by 2017

The range of plug-in hybrid models available from Mercedes-Benz is about to see a massive expansion thanks to the German luxury brand's announcement to add 10 of them in the lineup by 2017. At the same time the company is rebranding its PHEV range to carry the simple letter "e." For example, the C-Class model previously known as the C350 Plug-in Hybrid is now renamed he C350e. Some of the models in Mercedes' PHEV range are already known, like the aforementioned C350e, and the luxury brand is hinting at two more. The GLE is confirmed to be the brand's first plug-in crossover at some point after the non-coupe version debuts. The company also seems to suggest the Concept V-ision E might see production. Shown in Geneva, the van is based on the V-Class, which is related to upcoming Metris in the US. Mercedes' lineup of diesel and gasoline-fueled hybrids has helped the brand reduce its fleet emissions in Europe by over 40 percent in the last two model generations. Not all of these new PHEVs might make it to the US, though. Mercedes spokesperson Michael Minielly tells Autoblog the company's confirmed plug-ins are the 2016 S550e and C350e that launches this fall. "We have no further announcements regarding what else will be coming to the US market at this time," he said. The rest of the electrified lineup here includes the E400 Hybrid, plus the B-Class Electric Drive and Smart Fortwo Electric Drive EVs. Strategic hybrid initiative from Mercedes-Benz: Ten new plug-in hybrids by 2017 Stuttgart/San Francisco. Extra impetus for the Mercedes-Benz strategic hybrid initiative: In the run-up to 2017 the company is bringing out a total of ten plug-in hybrid models, i.e. one new model with high-tech hybrid drive every four months on average. Following the successful launch of the S 500 PLUG-IN HYBRID, this month will see the C 350 e, the second model to feature the progressive drive concept, find its way to dealerships. And what might happen next with the strategic hybrid initiative has just been demonstrated by the Concept V-ision e study at the Geneva Motor Show. Under the new Mercedes-Benz nomenclature, an "e" replaces the words PLUG-IN HYBRID. "Plug-in hybrids are a key technology on the road to the local emission-free future of the automobile," emphasises Prof Dr Thomas Weber, member of the Board of Management of Daimler AG and responsible for Group Research and Mercedes-Benz Cars Development.

Recharge Wrap-up: Mercedes gets F1 efficiency, EV charging in Vermont, VW e-Golf to use Bosch

Efficiency equals performance, especially in the case of Formula 1 racing. The Mercedes AMC Petronas team points to several key efficiency technologies it uses to get the most out of its cars. And if their utter dominance so far this season is testament to this relationship, perhaps we should pay attention. Mercedes highlights hybrid tech, turbocharging, aerodynamics, lightweight construction, tribology (both in making internal components and lubricants more slippery) and simulation as crucial to getting around the track faster than anyone else. These just happen to be some of the same things that make the cars we drive on public roads more fuel-efficient. Learn more in the press release below. It's a good read. Brammo, maker of sweet electric motorcycles, is teaming up with TEAM Industries to make drivetrains for electric vehicles. TEAM, which specializes in drivetrain technology, will also become an investor in Brammo as part of the partnership. "The electric vehicle market is a growth market," says TEAM CEO and President David Ricke, "and TEAM and Brammo will be providing a wide range of solutions for OEM manufacturers." Read more over at EV World. Vermont celebrated the installation of a new EV charging station as part of a Green Energy Corridor between Boston and Montreal. When finished, drivers will be able to make the whole trip in an EV with access to charging along the way. For $5, customers can charge their vehicle in about 30 minutes at the Red Hen Baking Company in Middlesex. There are currently only about 700 EVs on the road in Vermont. The state has a goal to get 90 percent of its energy from renewable sources by 2050, and getting more EVs on the road is crucial to that mission. Vermont hopes that expanding the charging infrastructure will convince more people to go electric. Read more at Vermont Public Radio's website. For it's new e-Golf, Volkswagen will use Bosch chargers for home installation and ChargePoint stations at its dealerships. Bosch will have various 240-volt options for the home, and will also provide installation. e-Golf customers will also get a free ChargePoint membership, and will have access to the company's network of charging stations worldwide. The 2015 e-Golf goes on sale in the US later this year. Read more in the press release below. Synergies between F1 and Road Car Development: Efficiency equals performance In Formula 1 Racing, performance is everything.