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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 EX30 due out in June 2023 as entry-level electric crossover

Volvo will expand its range towards the bottom when it presents an entry-level electric crossover called EX30 in June 2023. The company isn't ready to show us the soft-roader's full design yet, but it released a preview video that gives us a better idea of what to expect from it. "Something small is coming," Volvo wrote in a statement. While that's not a lot to go on, it suggests — but doesn't confirm — that the EX30 will slot below the XC40 in terms of size. We've seen it parked next to the EX90 and it looks considerably smaller; it rides on a much shorter wheelbase and features a relatively small rear overhang that creates a boxy silhouette characterized by an almost upright rear end. Many of the styling cues that define Volvo's current design language seem to appear on the EX30. Its front end wears T-shaped LED daytime running lights (called Thor's Hammer in the company jargon) inspired the EX90's, while its rear end features a new interpretation of the upright lights that Volvo has fitted to many of its cars over the past few decades — including the C30, which was its last 30-branded car. Technical details haven't been announced. All we know is that the EX30 will be all electric, all the time; it won't be available with a gasoline-powered engine. An unverified report claims that the city-friendly model will share its Sustainable Experience Architecture (SEA) platform with the Smart #1, among other models, and Volvo boss Jim Rowan said the crossover will deliver a "decent range." Using the SEA platform will allow Volvo to offer rear- and all-wheel drive as well as several battery options, though the lineup will vary from market to market. The Volvo EX30 will make its debut on June 7, 2023, at 1:30 p.m. European time, which is 7:30 a.m. in New York and — sorry, West Coast folks — 4:30 a.m. in California. We'll learn more about it in the coming weeks, and sales will start on the day of the unveiling. If the report is accurate, the EX30 will be built in China. Volvo confirmed to Autoblog that the model will be sold in the United States. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Only VW, Volvo are doing enough to electrify in Europe, study says

Among major carmakers, Volkswagen and Volvo are doing enough to electrify their vehicle lineups in Europe, and the EU needs to set tougher CO2 emission limits if it wants to meet Green Deal targets, according to a climate group's study. Sales of battery electric vehicles and plug-in hybrids almost tripled last year, boosted by tighter emission standards and government subsidies. This summer, the European Union is expected to announce more ambitious CO2 targets; by 2030, the average CO2 emissions of new cars should be 50% below 2021 levels, versus the existing target of 37.5%. Volkswagen aims to have 55% group-wide BEV sales in Europe by 2030, while Swedish carmaker Volvo, owned by China's Geely says its lineup will be fully electric by then. VW ID4 front three quarter dark View 19 Photos Based on IHS Markit car production forecasts, according to the study from European campaign group Transport and Environment (T&E), Volkswagen and Volvo have "aggressive and credible strategies" to shift from fossil-fuel cars to electric vehicles. Others like Ford Motor Co have set ambitious targets, "but lack a robust plan to get there," T&E said. Ford plans an all-electric lineup in Europe by 2030. T&E said BMW, Jaguar Land Rover (JLR), Daimler AG and Toyota rank the worst as they have low BEV sales, have "no ambitious phase-out targets, no clear industrial strategy, and an over-reliance in the case of BMW, Daimler and Toyota on hybrids." JLR, owned by India's Tata Motors, says its luxury Jaguar brand will be all-electric by 2025, but has been less specific about electrification of its higher-volume Land Rover brand. BMW and Daimler have been reluctant to set hard deadlines for phasing out fossil-fuel cars. T&E said even if carmakers meet their targets, in 2030 BEV sales could be 10 percentage points below those needed to meet the EU's Green Deal — which targets net zero emissions by 2050. Rather than a 50% reduction in CO2 emissions by 2030, based on carmakers' existing production plans, the EU could set more ambitious targets, T&E said - an up to 35% reduction in CO2 emissions from new cars by 2025, around 50% by 2027 and up to 70% in 2030. "Targets need to be gradually tightened so that carmakers not only commit to phasing out fossil fuels, but develop a strategy that gets them there on time," Julia Poliscanova, T&E senior director for vehicles and e-mobility, said in a statement.