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Daimler rebuffs Geely offer to buy stake

HONG KONG/BEIJING - Daimler AG has turned down an offer from China's Geely to take a stake of up to 5 percent via a discounted share placement, as the German automaker has long been reluctant to see existing shareholdings diluted, sources with knowledge of the talks said. A stake of that size would be worth $4.5 billion at current market prices. Although Daimler declined the offer, it told Geely it was welcome to buy shares in the open market, the sources added. Carmakers in China have embarked on a flurry of dealmaking, as they scramble to boost production of electric and plug-in hybrid vehicles ahead of tough new quotas to be imposed by Beijing, which wants to reduce urban smog and lower the country's reliance on oil. People with knowledge of Geely's thinking said the company was keen to access Daimler's electric car battery technology and wanted to establish an electric car joint venture in Wuhan, the capital of Hubei province. Geely, which also owns Swedish car maker Volvo, is still hopeful it can secure a deal in some form over the coming weeks, they added. The two automakers met in Beijing in recent weeks at Geely's behest. There, the Chinese firm, formally known as Zhejiang Geely Holding Group, offered to take a stake of between 3 percent and 5 percent if Daimler would issue new shares at a discount, the sources said. It was not immediately clear what kind of discount for the shares Geely had in mind or whether Geely was interested in buying the shares on the open market. A spokesman for Geely declined to comment. A spokesman for Daimler said the company was "very happy with our shareholder structure at present", but added that it would welcome new investors with a long-term interest in the company. Shares in Daimler were up 1 percent in early Wednesday trade, in line with the broader market.DAIMLER ALREADY TIED TO BAIC, BYD Geely, which has a market value of some $32 billion, is the leading domestic brand in China with a 5 percent market share, according to an analysis by Nomura Securities. A stake of 5 percent would establish it as Daimler's third-largest shareholder behind the Kuwait Investment Authority and BlackRock, who hold 6.8 percent and 6 percent respectively, according to Reuters data.

The Mercedes-Benz S-Class leads this month's list of discounts

Like last month, the biggest discounts car buyers will find on new vehicles are all applied to expensive luxury sedans. Unlike last month when there were two, there isn't a single Rolls-Royce to be found anywhere in the top five. Sorry, one-percenters. But just because the pinnacle of European luxury isn't represented doesn't mean there aren't big discounts to be found on lovely luxury sedans. In fact, this month's list is led by the 2020 Mercedes-Benz S-Class, a technological wonder that coddles its driver and passengers with all the bells and whistles the German brand has to offer. The Mercedes-Benz S-Class is offered in many shapes and sizes with several powertrain options. That means there will be a huge variance in prices across the model range, but on average, 2020 S-Class buyers are seeing $11,803 lopped off the car's $109,447 sticker price, leaving an average transaction price of $97,644. That's a savings of nearly 11%. It's worth noting that there's a new S-Class for 2021, but the 2020 edition is still a lovely machine. Up next is the Porsche Taycan, sitting in second place just like it did last month. Buyers are seeing average sticker prices of $125,736 but are paying $113,938. That's a savings of $11,798 — or about 9.4% — off the price on the window sticker. As was the case last month, we're not sure how many of the Taycan's buyers will be able to claim tax rebates due to the Taycan's status as an electric vehicle, but that could potentially represent a further cut off the car's sticker. Rounding out the top three for the month of July is the Maserati Ghibli. With an average discount of $10,161 that represents a whopping 14.3% of the car's sticker price, this Italian luxury sedan actually leads the list of vehicle discounts when ranked by percentage. And if you're a Maserati fan but the Ghibli isn't your cup of espresso, the Levante crossover and larger Quattroporte sedan are also seeing very large discounts. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2022 Mercedes-Benz EQS Edition One revealed

Next Mercedes E-Class to get quad-turbo inline-six, augmented reality

It's been 10 years since an inline six-cylinder engine sat up front in a Mercedes-Benz road car, but the straight-six shooter returns with the 2016 E-Class. According to a report in Car we'll see a modular family in gasoline and diesel versions, and Auto Evolution adds that the bore and stroke will be shared by both fuel types. Car says a 2.9-liter diesel variant arrives first in global markets, putting out 313 horsepower when twin-turbocharged and "over 400bhp" when fitted with two more battery-powered turbos. Auto Evolution's numbers match those and add torque figures, with 516 pound-feet for the former and 627 lb-ft for the latter - but it makes no mention of the two extra turbos. AE believes the gas versions will ring in at 367 hp and 479 lb-ft, and 435 hp and 553 lb-ft. Keep in mind that until we hear it from Stuttgart, this is all (exciting) speculation. Elsewhere in E-ville, more aluminum and that scalable MRA platform mean a weight loss of somewhere between 154 and 330 pounds compared to today's car. Seven bodystyles (including the CLS-Class) will continue to make up the range, with the coupe and convertible growing a bit to provide proper four-seater comfort. It will bear the new standard for Daimler technology, showcasing the next step in the company's Intelligent Drive with features like phone-controlled self-parking in confined spaces and augmented reality in the heads-up display. Related Video: Featured Gallery Mercedes-Benz E-Class Spy Shots View 12 Photos News Source: Car, Auto Evolution Rumormill Mercedes-Benz Technology Diesel Vehicles Hybrid Luxury Performance Sedan augmented reality