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F1's Vettel leads, Verstappen and Grosjean crash at Silverstone

SILVERSTONE, England — Ferrari's Sebastian Vettel pushed Formula One title rival and home race favorite Lewis Hamilton off the top of the British Grand Prix practice timesheets on Friday while Max Verstappen crashed. Hamilton, winner for the past four years at Silverstone, had started the day by leading a Mercedes one-two in the sunny opening session. Vettel, who leads the Briton by a point in the championship after nine races, put in a lap of 1 minute 27.552 seconds in the afternoon to end the session 0.187 faster than his fellow-four-times world champion. That was still slower than Hamilton's morning time of 1:27.487, however, with Vettel third then and half a second slower. Hamilton's Finnish teammate Valtteri Bottas, with a new engine in his car after last weekend's mechanical retirement in Austria, was second and third fastest respectively in the two sessions. Australian Daniel Ricciardo and Kimi Raikkonen traded fourth and fifth places while Max Verstappen, winner in Austria for Red Bull, was sixth in the morning but crashed after lunch without setting a time. The 20-year-old Dutchman had ended the first session early after he was told to stop the car. Haas's Romain Grosjean had a heavy crash at the fast first corner, slamming into the tire barriers after failing to close the drag reduction system (DRS), in the morning and did not take part in practice two. "The car is destroyed," the Frenchman, who was unhurt in the impact, said over the radio. "I'm very, very sorry guys. I think it was the bump. I missed the (DRS) button." Team boss Guenther Steiner said the team needed to rebuild the chassis. Grosjean's team mate Kevin Magnussen and McLaren's Fernando Alonso were called to see stewards for a "potentially dangerous maneuver" after an incident between them early on but stewards ruled there was no further action needed. "Magnussen tried to hit me two times - in one and three," Alonso reported over the radio. "Very dangerous."Reporting by Alan BaldwinRelated Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Image Credit: Reuters Motorsports Ferrari Mercedes-Benz Racing Vehicles F1 Lewis Hamilton Sebastian Vettel Kimi Raikkonen silverstone Max Verstappen british grand prix Romain Grosjean

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.

Weekly Recap: Jaguar takes a leap with price cut, new strategy

Jaguar was one of the famous automotive props and plotlines in the now-iconic drama Mad Men. There's a scene where the show's protagonist, Don Draper, deftly undercuts an influential Jaguar dealer by indicating that get-me-in-the-door local radio spots would be an effective way to sell cars like the slinky E-Type. The British executives think this is folly – Draper knows they will – and his advertising strategy wins out over the dealer's approach to move the metal. Jaguar's not doing that, but half a century later in the real world the company is launching plans to make its cars more attainable to new and younger customers like Millenials. These aren't coupons, but this is a leap for Jaguar, which has long banked on sexy styling and its rich motorsports history to overshadow its past mechanical flaws. Put simply, Jaguar is addressing the reasons why people, especially the younger set, don't buy its cars. The 2017 XE will start at $35,895 when it launches next spring – which makes it an attractive buy for a successful, relatively young person. When it's time to move up, the redesigned XF will be more attainable, coming in at $52,895, which is $5,275 less than the 2015 model. The flagship XJ sedan and the enthusiast-oriented F-Type sports car will also get thousands of dollars worth of added standard features, and Jag is actively pitching them as a better value than their competitors. "The Jaguar brand is on the eve of a major transformation that will see it dramatically increase its presence in the United States luxury marketplace with an expanded lineup, pricing focused on the core of the luxury market, and an all-new ownership package with best-in-class coverage," Joe Eberhardt, CEO of Jaguar Land Rover North America, said in a statement. The brand's quality and reliability dings have also lurked in the back of buyers' minds for decades, though that's an outdated notion. Jaguar placed third in J.D. Power's Initial Quality Study in June and was the top-ranked luxury brand in J.D. Power's Customer Service Index in March. Not content, the company is rolling out an enhanced program called Jaguar EliteCare that launches on 2016 models. It offers a five-year, 60,000-mile limited warranty, the longest among its competitors, with free scheduled maintenance during that period. The plan also covers roadside assistance and connectivity features.