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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.

Volvo planning Golf rival, 'breathtaking' C60 coupe

Despite just having refreshed nearly its entire portfolio, Volvo is still in the middle of a big product offensive. Vehicles like the C30 hatchback and C70 convertible have been given the axe, but a brand-new platform is being developed in addition to the Scalable Platform Architecture (SPA) that will underpin larger vehicles. According to Automobile, this means some very interesting newcomers may be on tap for the brand.
Volvo, in collaboration with Geely, is said to be working on a new platform about the size of a Volkswagen Golf that will likely spawn both a sedan and hatchback. Automobile reports that while the automaker's new scalable architecture is quite flexible, it cannot be stretched (or rather, shrunk) to accommodate a smaller vehicle.
Instead, SPA will be used for the company's larger offerings, starting with the V40 on the small end. (Though to our eyes, the current V40 looks plenty Golf-sized to us.) A new XC40 is apparently in the works, as is an S90 flagship, and new versions of the XC60, XC90 and S60 will all be coming based on this new flexible architecture.

Junkyard Gem: 1998 Volvo S90

Volvo began selling squared-off, rear-drive-equipped sedans and wagons here starting with the 140 in the 1968 model year, and continued selling those safe and sensible bricks all the way through 1998. The very last Swedish Brick models sold new in the United States were the 960 sedans and wagons, badged respectively as the S90 and V90 during the last couple of years here. We've seen one of those V90s in this series, and now it's time for its corresponding sibling. I found this very clean '98 S90 in a Silicon Valley yard last December. It hurts to see a well-cared-for European luxury sedan get this close to 200,000 miles and not quite make it.  The only body damage I could find appeared to have been inflicted after this car entered the used-parts ecosystem. There's not the slightest hint of rust, of course; this car shows every sign of having spent its entire life in California. The interior is just beautiful, too. This is almost certainly a one- or two-owner car that got every maintenance item done on the dot and spent its downtime parked out of the sun in a garage. Dig this top-shelf AM/FM/cassette/CD player with remote disc changer, a $485 option in the 1998 S90 (about $850 in 2022 dollars). The MSRP on the car itself started at $34,300 (around $60,200 now). So, why is this car in the junkyard? My guess is that some major component (e.g., engine, transmission, differential) failed and a quick comparison between real-world resale value and cost of repair resulted in a call to Pick Your Part. High-end European machinery isn't cheap to fix, and 25-year-old Volvos aren't worth much. While a small but significant fraction of American buyers of the 140, 240 and 740 preferred cars with three pedals, that fraction had shrunk to insignificance by the late 1990s. A four-speed automatic was the only transmission available in the final-year S90 and V90 here (Europeans could get a manual version). Interestingly, Volvo stuck with the old three-digit numbering system (first digit indicates series, second digit indicates number of engine cylinders, third digit indicates number of doors) for internal company use, decades after ditching it on customer-facing surfaces. This car was a 964 in Goteborg. Volvo brought back the S90 name for the 2017 model year, and you can buy a new one right now, but it's neither rear-wheel-drive nor brick-shaped.