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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:

Mercedes spent ˆ250 million to win Formula One titles last year

Success in Formula One requires skill, diligence, commitment and ingenuity. It also takes truckloads of money. In the case of Mercedes in last year's world championship, in which it took both the drivers' and constructors' titles in dominant style, those truckloads came to ˆ250 million last season alone – equivalent to over $285m in dead presidents. A report from Germany's own Auto Motor und Sport details the staggering investment that Mercedes made in order to get to the winner's circle last season. After 15 seasons with McLaren netting one constructors' and three drivers' titles, Mercedes motorsport chief Norbert Haug convinced the Daimler board late in 2009 to take over the Brawn GP team that had just won the championship. Because the team would be getting a large payout from Bernie Ecclestone as the returning champions the following year, and with sponsors lined up, Daimler only had to pony up a small portion of a smaller budget: in 2010 (its first season under the Mercedes banner), the team ran on a budget of "only" ˆ153 million ($175m). Over the course of the following seasons, though, the team's share of the TV revenues from Formula One Management went down as Mercedes struggled to climb back up the standings, but successive advocates (including Haug, Ross Brawn and Niki Lauda) successfully convinced the bean-counters in Stuttgart to ratchet up the payments. By 2012, the budget was expanded to ˆ200 million, and further climbed to ˆ250 million in 2013 and 2014. Fortunately for Daimler, the investment was starting to pay off by then as the team finished second in the constructors' standings in 2013, bringing ˆ74 million in from Ecclestone's coffers to cover roughly a third of the budget. With Malaysian oil giant Petronas alone kicking in upwards of another ˆ30 million per season as title sponsor (as of 2009 when it signed on), and untold millions more coming in from other partners, it looks like the actual cost to Daimler for securing both world titles and a winning reputation was actually more like hundred million or so.

Mercedes-AMG gears up for 2016 DTM with new C63 Coupe

Mercedes was once a force to be reckoned with in DTM. The Silver Star marque won six drivers' championships and nine constructors' titles since the modern Deutsche Tourenwagen Masters series rebooted in 2000. But though it's currently leading the standings, the last time it won the championship was in 2010. Audi and BMW have traded bragging rights each year since. What you see here, then, is the vehicle by which Benz hopes to recapture its former glory in the German tin-top racing series. Presented alongside the Edition 1 at the Frankfurt Motor Show, the new touring car is based – stylistically at least – on the new C63 AMG Coupe, but is designed specifically for the race track. Underneath the largely carbon-fiber bodywork sits a 4.0-liter V8 engine driving 483 horsepower and 369 pound-feet of torque through a six-speed sequential gearbox to the rear wheels. It's suspended by pushrod-actuated by double wishbones and features a mechanical diff (but no traction control) and carbon-ceramic brakes (but no ABS). In short, the new C63 is all business. And it looks about ready to take on Germany's most famous racing circuits and those of some of its neighbors – from Hockenheim, the Nurburgring, and the EuroSpeedway Lausitz to Zandvoort, the Red Bull Ring, and the Moscow Raceway. Audi and BMW had better watch their mirrors. Mercedes-AMG DTM Team present 2016 race car - Looking ahead to the 2016 season: How the new DTM car fielded by the Mercedes-AMG DTM Team will look - Inspired by the DTM: AMG launch Edition 1 Mercedes-AMG C 63 Coupe - Five questions to Head of Mercedes-AMG DTM Ulrich Fritz - Overview: How Mercedes-Benz DTM vehicles have evolved - Ulrich Fritz: "Our aim with this vehicle is, of course, to continue the Mercedes-Benz success story in the DTM." The 2015 DTM season reaches its climax in September. But even before the final three race weekends of the year at Oschersleben, the Nurburgring and Hockenheim, the Mercedes-AMG DTM Team are providing an insight into what lies ahead for the race series, revealing the new car that they will enter for the 2016 campaign. Design adaptations to the 2016 Mercedes-AMG C 63 DTM first began last year. The dynamic-looking headlights and the twin blade grille typical of the AMG are two of the car's most striking features. The first tests with the new vehicle will take place during the winter as part of preparations for the 2016 season.