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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-Maybach Pullman stretches its way to Geneva

Mercedes-Benz is known the world over for producing luxury automobiles, but even among Benzes there's a hierarchy. The S-Class sits at the top of the Mercedes range, the Maybach at the top of the S-Class, and what you see here sits at the top of the Maybach line. It's the new Pullman limousine, and it arrives on the 50th anniversary of the original. Stretching a massive 21.3 feet, the new Mercedes-Maybach Pullman is even longer than the previous Maybach 62 by a full foot, and a good 3.5 feet longer than the standard-wheelbase Mercedes-Maybach S-Class, or two feet longer than the G63 AMG 6x6. In other terms, it's over a foot longer than the Rolls-Royce Phantom EWB, and the better part of a yard longer than even the Cadillac Escalade ESV. Heck, you could just about fit Benz's other flagship, the Mercedes-AMG GT, inside the new Pullman's 14.5-foot wheelbase. As if that's not enough, it also stands 3.9 inches higher than a standard S-Class to the benefit of its imposing presence and interior space. Should you be so fortunate as to be graced with an invitation to step inside, you'd find an interior entirely clad in leather with four seats: two recliners and two fold-down seats facing backwards. Those principal rear seats can recline between 19 and 43.5 degrees and offer an extensive array of individual adjustments to cater just-so to the occupants' individual preferences. Ingress and egress are enabled by larger rear doors that open in front of – instead of next to – those rear seats to enhance the privacy of the traveling dignitaries, who will be able to monitor the state of affairs through the analog thermometer, speedometer and clock mounted in the roof liner. They'll also enjoy privacy thanks to the electrically operated glass partition wall with an 18.5-inch monitor mounted in front of it and a choice of Burmester sound systems. Long the favorite of heads of state and captains of industry, the new Pullman will be unveiled at the Geneva Motor Show now just weeks away. We don't doubt that Mercedes will offer its customers a choice of engine options (as long as they're capable of motivating the new Pullman's assuredly substantial heft), but most suitable to the task will of course be the 6.0-liter twin-turbo V12 with its 523 horsepower and 612 pound-feet of torque.

Land Cruiser, electric off-roaders and more Toyota hybrids | Autoblog Podcast #793

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer for a jam-packed news discussion that starts with an inside look at last week's Toyota Land Cruiser reveal in Salt Lake City. The two go on to talk about the possibility of a future electric FJ Cruiser, an electric baby Land Rover Defender, a theoretical Toyota Corolla-based pickup, the death of the Nissan Titan and the chance that Mercedes-AMG could go back to V8s in the C 63 S and future E-Class AMG models. After news, Zac talks about his time with the long-term 2023 Toyota Sienna and Greg chats about the Toyota Grand Highlander Hybrid Max Platinum. After that, they spend your money. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #793 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown News2024 Toyota Land Cruiser from the ground Electric FJ Cruiser possibilities Electric baby Land Rover Defender Toyota Corolla-based pickup Nissan Titan is dead Mercedes-AMG could go back to V8s What we're driving 2023 Toyota Sienna Platinum 2024 Toyota Grand Highlander Hybrid Max Platinum Spend My Money Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.