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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.

Recharge Wrap-up: Innova EV Car Share, Mercedes to use CO2 A/C

Innova UEV will launch its carsharing program at the Association for the Advancement of Sustainability in Higher Education 2015 Conference & Expo. Called Innova EV Car Share, the program is designed for college campuses, and uses the Innova Dash neighborhood electric vehicle and solar charging stations. "The Innova UEV team is excited to introduce this innovative sustainability program to universities across the country as a way to reduce CO2 output as well as decrease congestion," says Innova UEV Founder and CEO Roman Kuropas. "Visionary schools that make this level of commitment to the environment are sure to add to their sustainability prestige as leaders in higher education." Read more in the press release from Innova UEV. Microsoft and ABB are launching a new EV fast-charging services platform. ABB chargers will connect to the Microsoft Azure cloud, allowing for smarter charging as infrastructure expands. "Platform performance and stability are critical differentiators for the successful operation of a modern, data-dependent EV charging station," says ABB's Pekka Tiitinen. "By partnering with Microsoft, ABB will be able to offer best-in-class operations as well as innovative advanced services - what we call the Internet of Things, Services and People." Perhaps we'll hear more specific details following the platform's launch at eCarTec in Germany. Read more from Microsoft. Honda is testing solar-powered EV charging in the Marshall Islands. The AC charging stations, called the Honda Power Chargers, will help power a fleet of Fit EVs on the remote islands as part of a pilot test. The Marshall Islands must import most of their energy supplies, so solar-powered mobility would help provide some self-sufficiency and cost savings. Honda, the Marshall Islands government, and the Japanese Ministry of Economy, Trade and Industry will use the experiment to determine if it would be worthwhile to expand the solar-powered charging infrastructure. Read more at Green Car Reports. Mercedes-Benz will use CO2 air conditioning to help meet the EU's 2017 environmental requirements. The European offerings of the S-Class and E-Class will be the first to use a CO2-based air conditioning system. The use of CO2 requires a redesign of much of the system, as it requires a much higher pressure than other refrigerants. The automaker will use the HFO-1234yf refrigerant in its other vehicles.

Mercedes-AMG not making more Black Series models... for now

There was a time when AMG only made one version of any given vehicle, but those times are long behind us. These days it's cranking out entry-level AMG Sport models, the main AMG line and the more potent S-models. But what about the Black Series? According to Autocar, which spoke with Mercedes-AMG boss Tobias Moers at the Geneva Motor Show last week, the Black Series is still in the cards... just not for the short term. Moers said AMG is currently focused more on "making the cars more sophisticated, more precise" than about making headline-grabbing horsepower and torque figures. "The Black Series name... will be necessary in the future, but for now the base cars are so good. The Black Series must be at the top of the hill, but I don't know when or on what model yet." The nearest possible candidate could be the more hardcore version of the Mercedes-AMG GT that's in the works to take on the likes of the Porsche 911 GT3, but Moers didn't say whether that model would warrant reviving the Black Series label. AMG previously applied the Black Series designation to extreme high-performance versions of the SLK, SL, SLS, CLK and C-Class coupe, carrying upgraded engines, suspension, rolling stock, brakes and aerodynamics to make them more track-focused. Related Video: