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Geely chairman is now the single biggest investor in Daimler

Li Shufu, the chairman and main owner of Chinese carmaker Geely, has built a stake of 9.69 percent in Daimler AG, the German carmaker said in a regulatory filing on Friday. The stake, worth nearly $9 billion at the current valuation for Daimler shares, makes Li the biggest single shareholder in the maker of Mercedes-Benz cars, trucks and vans headquartered in the German city of Stuttgart. A Daimler spokesman called the stake purchase a private investment by Li. "We are delighted, with Li Shufu, to have won over another long-term investor who is convinced of Daimler's innovative prowess, strategy and future potential," the spokesman said in response to a request for comment. "Daimler knows and respects Li Shufu as a Chinese entrepreneur of particular competence and forward thinking." Li's stake purchase makes him the top shareholder in Daimler ahead of the Kuwait Investment Authority, which owned 6.8 percent as of Sept. 30, according to Thomson Reuters data. Earlier this month, the German newspaper Bild am Sonntag reported that the Chinese industry giant was seeking to become Daimler's biggest shareholder, likely exceeding the 6.8-percent stake of the Kuwait Investment Authority. The paper said Daimler had reportedly turned down Geely's $4.5 billion offer for a 5-percent stake via a discounted share placement, saying that Geely could buy shares in the open market. Institutional investors currently own 70.7 percent of Daimler, and the company already has strong ties to Chinese automakers BAIC and BYD. Bild am Sonntag said the move was intended as a strategic alliance against Apple, Google and Amazon on autonomous and connected cars. And Reuters reported that Daimler wants to have bespoke "robo taxis" on the road quicker than Google's Waymo, and views Geely as a strong partner for that. Geely conversely is interested in Daimler's electric car battery technology, and sources quoted by the German paper say there are plans to establish joint electric car manufacturing in Wuhan, China, to meet China's smog-reducing quotas. Geely is developing the Lynk & Co. brand of electric and hybrid cars. Geely owns Volvo, which has enjoyed a renaissance under the arrangement, as well as the maker of London's black cabs. In December, it bought a stake in AB Volvo, the maker of Volvo trucks.

F1 cancels season-opening Australian Grand Prix over coronavirus

Workers pack up in pit lane after the cancellation of the Australian Formula One Grand Prix in Melbourne, Friday. / AP   MELBOURNE, Australia — As thousands of fans queued to get into the Australian Grand Prix, seemingly unperturbed by the coronavirus pandemic, the Formula One teams and drivers were packing up to leave. The rapid spread of the virus left organizers with little choice Friday but to cancel the season-opening race, particularly after McLaren withdrew because a team member tested positive for the COVID-19 illness and following heavy criticism from six-time world champion Lewis Hamilton. The two practice sessions that usually showcase what the teams have been improving in the off-season were less than two hours from starting when the decision was publicly announced. Principals of nine F1 teams and organizers met overnight and “concluded with a majority view of the teams that the race should not go ahead," a joint statement by FIA, motorsport's governing body, local organizers and F1 said. “It's been a very fluid situation," F1 chairman Chase Carey said. “We're all disappointed not to have it, but I think we've made the decision we had to make." “It's not like it came out of the blue," Carey told a news conference beside the F1 paddock that ended in light rain. “A week ago, when teams started traveling here, we felt it was the right decision (to stage the race). Clearly the situation changed in the interim." Practice, qualifying and Sunday's race were all scrapped, casting doubt over the Bahrain Grand Prix which is scheduled to be held next week and the Vietnamese GP, scheduled for April 5. Authorities in Bahrain have already said no fans will be allowed into the circuit. Carey said a decision on whether or not to go ahead with the the race would be made in coming days. The Chinese GP has already been postponed from April. Hamilton used the first official news conference with F1 drivers in Melbourne to say he was shocked that organizers planned to proceed with the Australian Grand Prix, which regularly attracts more than 300,000 people over four days. McLaren's decision to withdraw was ultimately the catalyst for the cancellation. That person and 14 other McLaren team members have been placed in quarantine in a Melbourne hotel for 14 days. Hamilton's Mercedes-AMG Petronas team said it sent a letter to the FIA and F1 requesting the cancellation and had commenced preparations to leave before the decision was publicly announced.

Mercedes-Benz C-Class scores well in TUV lifecycle analysis

Mercedes-Benz drivers and treehuggers don't always go hand in hand, but, like a lot of other companies, the German automaker is looking to boost its green cred. This time, it's all about the car's lifecycle carbon footprint. The Daimler AG unit is using its new C-Class sedan as an example of how it's making progress in that department. Mercedes-Benz, citing the inspection authority TUV Sud, says the 2015 C-Class has a 10-percent lower lifecycle carbon footprint than its 2014 predecessor, based on driving about 125,000 miles over the life of the car. About 95 percent of the car (by weight) is recyclable, slightly higher than the average for most vehicles, and the model has upped its amount of recyclable materials up by 23 percent and increased its use of "natural materials" by 55 percent. Better aerodynamics also helps things out on the fuel-economy front, Benz says. Taking a longer view, the 2015 C-Class's carbon footprint is 28 percent better than the 2007 version that launched the vehicle line. The 2015 C-Class hasn't received a fuel-economy rating from the US Environmental Protection Agency, which tagged the 2014 C350 with a combined fuel-efficiency rating of 24 miles per gallon from its 3.5-liter 6-cylinder engine. Check out Mercedes-Benz's press release below and find the Autoblog First Drive impressions here. TUV Environmental Certificate: The new C-Class makes its mark with an exemplary life cycle assessment Stuttgart, Mar 28, 2014 The C-Class sets efficiency benchmarks for its class, helped by an intelligent lightweight concept, excellent aerodynamics and new, frugal engines. The neutral inspectors from the TUV Sud technical inspection authority have confirmed the high level of environmental compatibility of the new Mercedes-Benz C-Class. Besides a sensuous, clean-cut design, a top-class interior and a host of technical innovations, the premium saloon also boasts an exemplary life cycle assessment, which is why it has been awarded the Environmental Certificate in accordance with the ISO 14062 standard. Professor Dr. Herbert Kohler, Chief Environmental Officer at Daimler AG: "Our engineers have pulled out all the stops in an effort to lower fuel consumption while at the same time further accentuating the car's sporty character. By employing an intelligent lightweight design with a high proportion of aluminium, for example, it has been possible to make the new C-Class up to 100 kilograms lighter than its predecessor.