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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.

Recharge Wrap-up: KillaJoule hits 270 mph; Mercedes B-Class ED gets PlugShare

The Mercedes-Benz B-Class Electric Drive will get its own version of the PlugShare charging-station locator app. Developed by Recargo with the help of Daimler, the vehicle-specific app will be integrated into the car's navigation system. The system maps the location of nearby charging stations from various networks. So far, Mercedes-Benz doesn't offer a universal pay service for the various charging networks, like those offered by BMW and Nissan. Read more at Green Car Reports. HyperSolar uses solar energy to make hydrogen from water. Without using electrolyzers, HyperSolar uses a photochemical process to separate and capture the hydrogen in the water, which can then be used for clean energy, such as automotive fuel cells. The solar devices are submerged in water inside a container, and sunlight powers the device to free the hydrogen. HyperSolar claims that its process is more efficient and cost effective than other methods used to produce hydrogen from water. See some demonstrations in the videos below and learn more at HyperSolar's website. Eva Hakansson drove the KillaJoule electric motorcycle to a top speed of 270.224 miles per hour. After a computer model showed a possibility of about 270 mph, the team took the motorcycle with sidecar out to the salt flats for Mike Cook's Shootout. Everything went smoothly, and Hakansson easily surpassed speeds of the 249.1-mph world record she set a few weeks ago. The team is calling it quits for the season, but will make some tweaks to the KillaJoule in hopes of getting 300 mph out of the red bullet next year. Read more at KillaCycle Racing, or at Business Insider. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Experience the New York Auto Show by drone

The Autoblog team recently returned from wildly running around the Javits Center to cover all the news and debuts at the New York Auto Show. Sometimes, it's nice to take a more serene look at the exhibition floor, though, and the event's organizers are providing that exact opportunity by flying a drone through the hall. Combined with the down-tempo music, this clip feels like a form of automotive meditation. If you're going to miss the show in the Big Apple, the drone also provides a good overview at the exhibition floor, especially at the stands from Lexus, Buick, Dodge, Mercedes-Benz, Toyota and BMW. Plus, it's a fun way to see some vehicles from a completely different angle than they ever appear on the road. Related Video: News Source: New York International Auto Show via YouTube Auto News New York Auto Show BMW Buick Dodge Honda Lexus Mercedes-Benz Toyota Videos drone 2015 ny auto show