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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.

2019 Volvo V60 vs. wagon competitors: How they compare on paper

The next-gen Volvo V60 was finally revealed this week. The outgoing model has been on sale since 2011, getting a few minor updates along the way. The new model is based off Volvo's Scalable Platform Architecture that underpins other models like the XC90 and XC60 crossovers and V90 wagon. The V60 will launch with two engines, with a powerful hybrid coming sometime down the line. Since the last V60 hit the market, Audi, Buick and BMW have all released their own flavor of wagon. Like Volvo, BMW sells a traditional sedan-based model. Audi and Buick's wagons are both high-riding models with some very slight off-road pretense, much like Volvo's Cross Country models. We don't have details on the upcoming V60 Cross Country, but, even when accounting for ground clearance, the V60, BMW 3 Series Sport Wagon, A4 Allroad and Buick Regal TourX have a lot of overlap. Check out the specs breakdown below. Discover and compare other wagons and crossovers with our Car Finder and Compare tools. Engines, transmissions and drivetrains Out of the four wagons, the new V60 is the only one that offers two-wheel drive and a hybrid variant. The base V60 T5 uses a 250-horsepower turbocharged 2.0-liter inline four and sends power to the front wheels. Stepping up to the V60 T6 nets buyers an additional 66 horsepower thanks to a twincharged — supercharged and turbocharged — 2.0-liter and all-wheel drive. A T8 model that uses a 390-horsepower plug-in hybrid powertrain will be available soon. All V60s use an eight-speed automatic. The Audi, BMW and Buick are all powered by 2.0-liter turbocharged inline-fours. Additionally, the 3 Series has a 2.0-liter turbo diesel. All three wagons have standard all-wheel drive. The BMW and Buick use an eight-speed automatic, while the Audi sends power through a seven-speed dual-clutch transmission. As base engines go, there's a four-horsepower difference between the most and least powerful models, though the Buick wins out on torque. The V60 T6 matches the Regal TourX's torque figure and trounces every competitor's horsepower rating. The V60 T8 packs more power and torque than any of the competition. Cargo and interior space The outgoing V60 was on the small side for a wagon. This new model rectifies that a bit, though its 48.2 cubic-feet of cargo space with the second-row folded is still substantially smaller than the competition.

Driveable Volvo V70 wagon built from 400,000 Lego pieces

We've seen life-size Lego vehicles before, but a Swedish man has created the ultimate brick-built car. That's because David Gustafsson's 1:1 scale Volvo wagon actually drives. Volvo recently shared some photos from the Ecar Expo in Gothenburg, Sweden, where the Lego car was on display. One would think that to undertake such a project it would be easiest to re-create an older Volvo, like a 240 or 740 wagon. After all, those were so boxy they earned the nickname Turbo Bricks as a term of endearment from enthusiasts. Instead, Gustafsson chose to replicate his own V70 wagon, a third-generation model built from 2008-16, which has no shortage of complex curves to replicate. Most life-size Lego replicas are static displays, never meant to move. Most don't even have interiors. Gustafsson's Volvo, on the other hand, not only features a full interior, but has doors that swing open, a gear selector that clicks into various positions, and climate control knobs that turn.  The fun doesn't end there. The Lego V70 has side mirrors that pivot, just like the real thing, as well as active headlights that swivel along with the front wheels when the steering wheel turns. The piece de resistance is the fact that this Volvo actually drives, thanks to an electric motor and battery pack. Speeds must be kept low, of course, but it can start, move, steer and brake via a remote control. The Volvo's only non-Lego parts are the wheels and tires, powertrain and a metal frame. It took Gustafsson over a year and over 400,000 pieces to build the car. He was a winner of the Lego Masters competition in 2020, through which he won the majority of the pieces. According to Klyker, the combined weight of the bricks tipped the scales at 1.2 tons, but the win gave Gustafsson the ability to fulfill a lifelong dream of building a full-size car out of Lego. With the help of Volvo Cars, Gustafsson's re-creation will soon begin a tour across Sweden. It will visit various events across the country from February 22 to August 4.