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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 updates XC60 and adds Android-based infotainment to more models

The 2022 Volvo XC60 is getting a number of minor updates, plus Volvo is rolling out its Android-based infotainment system to more of its lineup. Starting with the XC60 news, Volvo is subtly adapting the front and rear bumper styling. It gets new front side intakes and a massaged lower bumper opening. Neither of those nearly unnoticeable changes do much to influence our opinion of the car. The new rear bumper design reveals a slight character adjustment, though. Like other recently-updated Volvos, the exhaust exit is made invisible under the car — there are no longer any exhaust pipes exiting from the rear. The dual exhaust seen on the regular XC60 was a nice touch, but this is simply more of Volvo preparing us for the electric future to come. As for tech, Volvo says that the XC60 will be one of the models to get the Android-based infotainment for 2022. The 2022 S90, V90 and V90 Cross Country will be adding this infotainment system, too. It comes with something Volvo is calling the “Digital Services Package” for four years at no cost. This package includes the Google Assistant, Google Maps, access to Google Play apps, the Volvo On Call app, a data/internet connection and access to the wireless phone charger. After four years, Volvo says that “customers can continue to use the package by opting for an extension.” The “extension” will certainly involve paying Volvo for continued access to the programs (though Volvo hasn't said how much yet), similar to BMW and its proposed subscription-based vehicle feature model. Seeing what you get with the package, itÂ’s made such that you need the package to make the infotainment system useful. Losing access to Google services with a Google-based infotainment system seems crippling on the surface, and VolvoÂ’s tying of the wireless phone charger functionality to this subscription service is also irksome.  Volvo is just introducing this package, and weÂ’re sure it will change over time as it matures, so this likely isnÂ’t the last weÂ’ll hear of the “Digital Services Package” story. ChargePoint in-car app View 5 Photos Lastly, Volvo is adding a new in-car ChargePoint app to its Android infotainment system that should simplify the charging process. It eliminates any need for you to get your phone or credit card out when you pull up to a charging station, assuming you're using a ChargePoint charger.

Volvo Cars sees 'tremendous growth' in EVs, CEO says

DAVOS, Switzerland — Volvo Cars remains confident of "tremendous growth" in the electric vehicles market, CEO Jim Rowan told the Reuters Global Markets Forum in Davos on Wednesday, countering gloomier projections from rivals. The carmaker, which aims for electric vehicles (EVs) to contribute half its sales volume by mid-decade and to sell only EVs by 2030, said the growth in demand for its premium brand was stronger than that of mass-market rivals. "We have much more pricing power and people have got more disposable income so they can afford it if they want to drive an EV," Rowan said. The Volvo Cars CEO said that, in contrast to others, he saw good growth globally for electric cars, with particular strong demand in Europe. Over the past year, many automakers have warned that the anticipated growth of EVs has been slow to emerge due to poor demand, heavy price cuts, lower subsidies, and supply chain issues. Volvo has previously said that it has no intention of participating in the Tesla-ignited price war due to its position as a premium brand and saw good margins on its electric cars. Higher costs caused by disruptions on shipping in the Red Sea would also not affect customers, the CEO said, who stated that any additional costs would be absorbed by Volvo. Last week, Volvo said it would halt production at its factory in Belgium for three days as a result of a delivery of gearboxes being delayed due to the disruption. The CEO also told Reuters that he had high ambitions for India in the next five years with plans to launch the more affordable EX30 there in 2025. By the Numbers Green Volvo Electric Future Vehicles