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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.

Mercedes spotted testing new S-Class cabrio in the snow

A fullsize luxury convertible is a rare species. There's the Bentley Continental GTC, maybe the Aston Martin DB9 or Vanquish Volante and the Maserati GranTurismo Convertible if you won't need those rear seats too often, but that's about it. The segment seems to be expanding, though, with the imminent arrival of the drop-head version of the Rolls-Royce Wraith and the new challenger you see here. Spied undergoing winter testing in Sweden, this prototype for the upcoming Mercedes-Benz S-Class Cabriolet is wearing barely any camouflage or body cladding whatsoever. In all likelihood that's largely because it's essentially the S-Class Coupe we already know, but with a folding fabric roof: Mercedes typically keeps the origami tin-tops to two-seaters like the SL and SLK. When the new S-Class cabrio is ready to launch – probably sometime between now and the summer – it'll join an expanding array of convertible Benzes that already includes the aforementioned SL and SLK and the E-Class Cabriolet, and will soon adopt the AMG GT roadster as well. Featured Gallery 2017 Mercedes-Benz S-Class Cabriolet: Spy Shots View 12 Photos Image Credit: CarPix Spy Photos Mercedes-Benz Convertible Luxury mercedes s-class cabriolet

Mercedes-Benz says no to price premium on S550 PHEV

The good news? Mercedes-Benz won't be charging any extra for the plug-in hybrid version of the S550 sedan compared to the gas-powered version. The bad news? The gas-powered version is really expensive. The S550 Plug-in Hybrid's pricing will start at a tidy $95,325, the same as the conventional S550, according to Cars Direct. For that price, buyers get a car that delivers 436 horsepower and 479 pound-feet of torque while having the ability to go as far as 18 miles on electric power alone, assuming that the driver in question isn't trying to use all 436 horses. But just in case he or she is, the car can also go from 0 to 60 miles per hour in about five seconds. There's been no word on a fuel-economy rating from the US Environmental Protection Agency (EPA) but the sedan gets 84 miles per gallon on the more lenient European driving cycle. It's unlikely to anywhere close to that stateside, but some folks still might feel they got their money's worth (ha ha) by adding a plug. The S550 Plug-in Hybrid goes on sale in California later this month. The model was first unveiled at the Frankfurt Auto Show in 2013 and shown off at the Los Angeles Auto Show late last year. Related Video: Featured Gallery 2015 Mercedes-Benz S550 PHEV: LA 2014 View 13 Photos News Source: Cars Direct via Green Car ReportsImage Credit: Drew Phillips Green Mercedes-Benz Hybrid PHEV