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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.

Volvo teases minimalist, no-button EX90 interior

The march to the November 9 reveal of the Volvo EX90 takes its next step with these renderings of a pared down interior. We'll see soon how it looks once the new materials, textures, colors, and tunnel console are added, but for the moment, there are four elements: An instrument panel with a demure HVAC vent, broken up by a steering wheel, a small, uncovered screen behind the wheel, and an infotainment screen. The portrait-oriented tablet carries over from current Volvo design, so too a three-spoke wheel. Everything else in Volvo's current interior schemes is thrown out, including the knobs and buttons on the center console. It looks like the premium brand's version of the interior we were introduced to in the Polestar 3. Fitting, since both vehicles will ride on the same platform and be built at the same U.S. plant.  The cabin's physical design and the car's technology share a same philosophy, which is, "What you need, when you need it." Volvo says that the sensor suite around the EX90 will give the car a 360-view of what's happening outside and inside the car. " Thomas Stovicek, head of UX at Volvo Cars, said, "Since the car also understands its surroundings and you better than ever before, we can create an even safer situation by reducing mode confusion, distraction and information overload." On the infotainment side, we're told this will be done by the vehicle providing contextual options and menus on the two screens. The center screen, which looks larger than the current XC90 unit, performs the roles we've come to expect of it. Autocar spoke with automaker developers and said the screen "will also show information based on context. If you’re simply driving along, a bar near the bottom of the screen will show media information; if youÂ’re on a call, it will show other controls; if itÂ’s cold, it may show the defrost button, etc." This situational knowledge will be especially important as more roads are opened up to hands-free driving and as self-driving capabilities become more capable. Swedish engineers point to the handover from hands-free and autonomous driving back to hands-on driving as a crucial moment. It wants to make that handoff "effortless and intuitive." The display behind the steering wheel is where the driver will go first for traditional info like speed and range, also to understand the operational state of the driver aids.

Swedish man charged with spying on Volvo for Russia

STOCKHOLM — Sweden has indicted a 47-year-old man suspected of handing information to a Russian diplomat, the Swedish Prosecution Authority said on Monday. The prosecutor said in a statement that the man, who was not identified, had worked as a consultant at several Swedish companies, where he had illegally obtained and sold information, placing the country's security at risk. Public service broadcaster SVT said the man was Swedish. "While a consultant at his former workplaces, I allege that he obtained material with the purpose of providing information to a foreign power, in this case Russia," prosecutor Mats Ljungqvist said. "The man was apprehended whilst meeting a Russian diplomat where he had just received 27,800 Swedish crowns ($3,360) from the diplomat." SVT reported that the man being charged had passed on information from automaker Volvo Cars and truckmaker Scania. A Scania spokesman confirmed that the man had worked as a consultant at the firm, while Volvo Cars declined to comment. The authority said the man had transferred material from computers to memory sticks as well as photographing the screen of his work computer, adding the crime could carry a sentence of up to six years in prison. "The crime is serious and, if convicted, the suspect could expect a lengthy sentence," Ljungqvist said.