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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.

Geely plans to launch hundreds of satellites to guide autonomous cars

BEIJING — China's Zhejiang Geely Holding Group said on Tuesday it was investing 2.27 billion yuan ($326 million) in a new satellite manufacturing plant, where it plans to build low-orbit satellites to provide more accurate data for self-driving cars. Geely, one of China's most internationally-known companies due to its investments in Daimler, Volvo and Proton, is building the facilities in Taizhou, where it has car plants. It aims to produce 500 satellites a year by around 2025, with around 300 highly-skilled staff, it said in a statement. Geely's technology development arm, Geely Technology Group, launched Geespace to research, launch, and operate low-orbit satellites in 2018. Geespace will begin the launch of its commercial low-orbit satellite network by the end of this year, Geely said. Geely said low-orbit satellites would offer high speed internet connectivity, precise navigation, and cloud computing capabilities to cars with autonomous driving technology. Geely, which sold 2.18 million cars last year, is among global automakers from Tesla to Toyota to pursue autonomous driving technologies. It is building low-orbit satellites to meet demand for high-speed connectivity capabilities that can deliver fast software updates. From around 2025, Geely's cars will have more functions to connect to the satellites. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.     Green Plants/Manufacturing Mercedes-Benz Volvo Emerging Technologies Autonomous Vehicles

2021 Mercedes-Maybach S 580 base price starts at more than $185,000

A few months ago, the 2021 Mercedes-Maybach S 580 made its debut as the pinnacle of the Mercedes lineup. Now the company has revealed the price, and, unsurprisingly, it's not cheap. The base price for the sedan is $185,950 including destination fee. That price makes the Mercedes-Maybach S-Class one of the more expensive flagship sedans on the market. It's more than $25,000 more than the top-of-the-line BMW M760i, and more than $50,000 more than the Audi S8. It's even $20,000-plus more than the Mercedes-Maybach GLS 600 SUV. On the other hand, the Mercedes-Maybach S 580 is cheaper than the $200,000-plus Bentley Flying Spur and the $300,000-plus Rolls-Royce Ghost. All this money gets you an S-Class with a unique grille and fascias, as well as an extra 7 inches of length between the wheels. Nearly every surface of the interior is wrapped in leather, and whatever isn't is probably finished with wood or features a screen. Powering it is a twin-turbocharged 4.0-liter V8 making 496 horsepower and 516 pound-feet of torque. It also has a nine-speed automatic transmission, air suspension and four-wheel steering. If you're looking to pick one up, they'll be reaching dealers this summer. Related Video: