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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.

Daimler boss says fuel cell vehicles will be disappointing for at least 10 years

Daimler AG CEO Dieter Zetsche is pretty confident about the imminence of self-driving cars. Hydrogen fuel-cell vehicles? Not so much. He didn't even get into the possibility of self-driving fuel-cell vehicles, but we're okay taking future technologies one at a time. Zetsche, in an interview from the Detroit Auto Show last week, said the automotive industry is about a decade away from avoiding disappointing experiences with production fuel-cell vehicles, In Auto News says. Zetsche was quick to note that the Mercedes-Benz parent entered into a fuel-cell partnership with Ford and Nissan early last year in an effort to split costs and speed things along, with the expectation that the group would develop something together by 2017, but even that won't be able to smooth things out fully. Toyota and Hyundai have said they'd have their own production vehicles on the road sooner than that. Multi-corporation-partnerships notwithstanding, Zetsche bemoaned the high costs, lack of vehicle volume and minimal refueling infrastructure as the proverbial roadblocks to more rapid development and adoption of fuel-cell vehicles. As it is, the US has just 10 publicly accessible hydrogen refueling stations, eight of which are in Southern California, according to the US Department of Energy. As for autonomous automobiles, Zetsche was more upbeat. Daimler already has what it calls the "Distronic" cruise control system that includes an automatic braking feature and has successfully driven a car 60 miles with "with relatively modest adjustments to the existing onboard technology." Featured Gallery Mercedes-Benz F-Cell View 9 Photos News Source: In Auto News Green Mercedes-Benz Hydrogen Cars

The Mercedes-Benz S-Class leads this month's list of discounts

Like last month, the biggest discounts car buyers will find on new vehicles are all applied to expensive luxury sedans. Unlike last month when there were two, there isn't a single Rolls-Royce to be found anywhere in the top five. Sorry, one-percenters. But just because the pinnacle of European luxury isn't represented doesn't mean there aren't big discounts to be found on lovely luxury sedans. In fact, this month's list is led by the 2020 Mercedes-Benz S-Class, a technological wonder that coddles its driver and passengers with all the bells and whistles the German brand has to offer. The Mercedes-Benz S-Class is offered in many shapes and sizes with several powertrain options. That means there will be a huge variance in prices across the model range, but on average, 2020 S-Class buyers are seeing $11,803 lopped off the car's $109,447 sticker price, leaving an average transaction price of $97,644. That's a savings of nearly 11%. It's worth noting that there's a new S-Class for 2021, but the 2020 edition is still a lovely machine. Up next is the Porsche Taycan, sitting in second place just like it did last month. Buyers are seeing average sticker prices of $125,736 but are paying $113,938. That's a savings of $11,798 — or about 9.4% — off the price on the window sticker. As was the case last month, we're not sure how many of the Taycan's buyers will be able to claim tax rebates due to the Taycan's status as an electric vehicle, but that could potentially represent a further cut off the car's sticker. Rounding out the top three for the month of July is the Maserati Ghibli. With an average discount of $10,161 that represents a whopping 14.3% of the car's sticker price, this Italian luxury sedan actually leads the list of vehicle discounts when ranked by percentage. And if you're a Maserati fan but the Ghibli isn't your cup of espresso, the Levante crossover and larger Quattroporte sedan are also seeing very large discounts. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 Mercedes-Benz EQS Edition One revealed