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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 Concept Coupe may see limited production

Despite the impressive production debuts from Porsche and BMW at this year's Frankfurt Motor Show - the 918 Spyder and the i8, respectively - there was one car that captured the attention of the press and the public alike, enough so that we awarded it our overall top pick of the show: the Volvo Concept Coupe. Most concepts never make it to production, but the car's reception has been so positive that Volvo's board of directors is considering to produce it in limited quantities, Auto Bild reports. Italian coachbuilder Bertone could handle the limited production run.
Styled after the classic P1800, the Volvo concept was similar to the new Porsche and BMW in that it was equipped with a high-performance hybrid drivetrain. But Volvo took a different route from there, giving the sleek coupe a turbocharged and supercharged 2.0-liter four-cylinder engine paired with an electric motor at the rear axle. All in, the combo is good for 400 horsepower and 490 pound-feet of torque.
If the Concept Coupe makes it to production, it may not get the trick hybrid drivetrain mentioned above, Motor Athority reports, but a milder plug-in hybrid setup or even just a conventional fuel-burning engine. In any case, it would be a treat if Volvo produced a fully functional, street-legal Concept Coupe, though at that point we're thinking it would be due for a name change.

Cyan Racing Volvo P1800 First Drive: The Swedish answer to Singer Porsche

There’s a good chance youÂ’ve never heard of Cyan Racing unless youÂ’re a fan of World Touring Car Championship racing. Its previous name might ring a bell, however: Polestar Racing. Before the performance road car side of its business was sold to Volvo, and therefore long before that business was in turn spun off into an electric car brand, Polestar developed and campaigned racecars. Now known as Cyan Racing, it has had quite the run of success, too, as theyÂ’re the reigning champions in the WTCC series with five titles so far. Somehow, they found the time to create something entirely different: the Volvo P1800 Cyan. As the name implies, itÂ’s based on the P1800 coupe that was produced from 1961 through 1973. Readers of a certain age will associate that car with Roger Moore as The Saint, before he became James Bond. The P1800 has always been an anomaly in the Volvo lineage. Its classic shape came from the Frua/Ghia studio in Italy and even though it never had sports car credentials, the P1800 had a small but loyal following. So loyal that a P1800S holds a Guinness World Record for the 3.25 million miles driven by its original owner. Despite the P1800 CyanÂ’s undeniable similarity to the original Volvo coupe, itÂ’s an entirely different beast.  The only items that remain from the original 1964 donor vehicle are its steel chassis, hood release, handbrake, and windshield wipers. High-strength steel has replaced much of the substructure and the body has been reimagined in carbon fiber. Under the hood is a turbocharged 2.0-liter four-cylinder sourced from the Volvo S60 TC1 race car. It produces a surprising 420 horsepower and 336 pound-feet of torque at 6,000 rpm. Bolted to the block is a five-speed Holinger manual transmission that sends power to the rear wheels. The original P1800Â’s live axle is replaced by an independent rear with front and rear double-wishbone suspensions being fully adjustable. The 18-inch custom wheels are shod with Pirelli P Zero rubber: 235 widths up front and 265s in the rear. This all results in a featherlight 2,180-pound curb weight. LetÂ’s just say that again for effect: 2,180 lbs. ThatÂ’s lighter than a Miata, folks. At this point, the P1800 Cyan is already unreasonably cool, but wait, thereÂ’s so much more. Hans Baath, general manager for Cyan Racing proudly admits that Singer Vehicle Designs is a huge inspiration for this project, and if youÂ’ve ever seen a Singer Porsche in person, you probably have an idea of whatÂ’s next.