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How the Chinese tycoon driving Volvo plans to tackle Tesla

HANGZHOU, China — "Do you know how big Volvo is?" asked Don Leclair, finance chief at Ford. It was 2008, and Leclair was responding to an offer from a little-known Chinese businessman to purchase the Swedish carmaker, which Ford owned. The businessman, Li Shufu, had a company with less than half Volvo's sales and a flagship model, King Kong, almost unknown outside China. He was politely shown the door of the "Glass House," Ford's iconic headquarters near Detroit, according to two people who were at the meeting. Ford's Leclair did not respond to requests for comment about the episode. Fast-forward to 2021 and Li Shufu's company, Zhejiang Geely Holding Group, is one of the biggest-selling automakers in the world's biggest auto market. It controls not only Volvo Cars but also a clutch of global auto brands, and a significant stake in German giant Daimler AG, the maker of Mercedes-Benz. These names are now part of its plans for a revolution in autos. Geely is preparing Volvo for a listing on the Nasdaq Stockholm exchange as a route towards the future of transportation: One where cars are part of an electrified network of mobility services, driving themselves, connecting to each other and — like cellphones — generating an array of data and new business opportunities. It's a vision more Silicon Valley than Detroit, where traditional automakers globally are chasing another giant — Tesla Inc. Li Shufu and his advisers eventually convinced Ford to part with Volvo in 2010 for $1.8 billion. It was the first in a string of deals, tapping brands such as Lotus, Smart and the London Electric Vehicle Company to form a network that he calls a "bigger circle of friends" across industry segments. Li Shufu sees them as building blocks to help Geely compete in a future where autos are not vehicles, but "service providers," he told Reuters in his management suite at Geely's headquarters in Hangzhou, eastern China. In that business model, cars will be available on subscription and offer services such as making payments and in-car apps. They will update their own software, and spawn opportunities in the same way as the mobile operating systems developed by Apple Inc and Google. "We are trying to create an automotive ecosystem similar to Android," he said. Li Shufu, 58, recently adopted a foreign first name - Eric - because he liked the sound of it.

Watch Rimac's Concept One roast a LaFerrari and Tesla Model S in a drag race

It's been five long years since Rimac Automobili took the covers off of its Concept_One at the Frankfurt Motor Show. From the very beginning, Rimac has confidently touted the supercar's capabilities, but now we actually have proof of just how capable the Concept_One really is. Here's your takeaway: It's quick enough to show a Ferrari LaFerrari its taillights through the quarter-mile. If you've spent any time clicking around on YouTube, you've seen the Tesla Model S P90D trump all sorts of high-performance cars. In this video, the Tesla is really only there for reference, because the way the Concept_One bests the electric sedan is just brutal. For those not familiar with Croatia's electric machine, here's the lowdown: 1,088 horsepower and 2,800 pound-feet of torque thanks to four electric motors that put everything down off the line Zero to 62 mph in 2.6 seconds, 6.2 seconds to get to 124 mph from a standstill, and 0 to 186 mph in 14.2 seconds An independent gearbox for each electric motor with the front featuring single-speed gearboxes and the rear axle using two-speed double-clutch gearboxes Rimac All Wheel Torque Vectoring (R-AWTV) system that calculates the optimum amount of torque for each wheel On paper, the Concept_One makes a Tesla Model S P90D with Ludicrous Mode look slow. But a LaFerrari isn't a Model S. And it's definitely not an electric car. It's a stampeding thoroughbred with a naturally aspirated V12 and an electric motor that together make 950 horsepower. It can blitz the quarter-mile in roughly 9.8 seconds and is faster than the majority of cars on the road today. Granted, the LaFerrari is quicker to 60 mph than the Concept_One, at 2.5 seconds. In essence, this race between two titanic machines should be close. But it's not. It's not even close to being close. It's a massacre. Related Video: News Source: Archie Hamilton Racing via YouTubeImage Credit: Archie Hamilton Racing / YouTube Green Ferrari Tesla Coupe Electric Videos drag race ferrari laferrari Rimac

BMW dismisses Tesla tie-up talk

Despite recent rumors to the contrary, don't expect to see much collaboration between Tesla and BMW in the near future. Based on some rather prickly statements from the German automaker, Elon Musk might have even burnt some bridges in Bavaria with his latest proclamations. The spat stems from Musk's recent interview with German magazine Der Spiegel where he discusses future collaboration with BMW on "battery technology or charging stations" and the possibility of a battery factory in Germany. But apparently, any future tie-ups are news to the Bavarian automaker. In an interview with the German business publication Wirtschafts Woche, an unnamed spokesperson for the company claims Musk said it all for PR value and swats down most of the statements. BMW has no intention of acquiring Tesla shares, and they aren't working together on any tech. There's not much chance for future cooperation on a battery factory in Germany, either. BMW believes that the cells can just as easily be purchased from suppliers, like other auto parts. The one slight concession is that the spokesperson said that the German automaker would be willing to supply Tesla with carbon fiber. That's not an exclusive offer, though, and the company is open to negotiate such a deal with any interested automaker.