BERLIN (Reuters) – Volkswagen workers backed a restructuring of the world’s largest carmaker on Tuesday after Chief Executive Herbert Diess pledged to spend 1 billion euros ($1.1 billion) on a new battery cell production plant near its headquarters in Lower Saxony. Volkswagen’s CEO Herbert Diess speaks ahead of Volkswagen Group’s annual general meeting in Berlin,… Continue reading Volkswagen wins worker backing for restructuring with $1.1 billion battery plan
Tag: Geely
Japan’s Nissan is said to mull buying stake in Chinese electric carmaker
Nissan Motor Co. is looking to invest in a Chinese electric-car startup, according to people familiar with the matter, to provide it with a greater footprint in the world’s biggest market for new-energy vehicles. The Japanese company wants to buy a stake of as much as 25% in a Chinese electric-vehicle maker, and it has… Continue reading Japan’s Nissan is said to mull buying stake in Chinese electric carmaker
Shares of Mercedes-maker Daimler fall as rumors fly of a Chinese stake build-up
An employee at a Mercedes-Benz car dealership.Dmitry Rogulin | TASS | Getty ImagesShares of Daimler dipped Monday following a report that a Chinese partner firm is building a stake in the German automaker.
Reuters reported Friday, citing three sources familiar with the matter, that China's Beijing Automotive Industry Holding Co. (BAIC) has been buying up shares in the Mercedes-Benz carmaker on the open market, with a view to consolidating a stake of around 4% to 5%. CNBC couldn't independently verify the report.
Shares of Daimler are up 20% so far in 2019, but retreated around 3% Monday amid a wider sell-off for European benchmarks.
One source, cited by Reuters, suggested that the buying this year had been underpinned by BAIC's ambition and that Monday's selling may denote that the buyer is nearly finished acquiring stock.
Building a 5% stake in Daimler at its current stock value would cost a buyer around $3.4 billion.
BAIC builds Mercedes cars in China through their joint venture, Beijing Benz Automotive. Daimler has reportedly been looking to secure a controlling interest in the alliance.
Li Shufu, the chairman of rival Chinese carmaker Zhejiang Geely, is Daimler's biggest individual stakeholder, holding nearly a 10% slice of the German firm.
After being contacted by CNBC, Daimler said it had no comment to make.
Phil Popham: ‘We’ve got to get Lotus back on the road again’
There’s something special being built in secret at the storied sports carmaker’s base in Hethel amid the green fields outside Norwich.Popham’s plan – bankrolled by Chinese automotive giant Geely who took control in 2017 – to get Lotus back on track is to deliver a car like no other.Taking shape inside Lotus’s design studio is Project 130 – a “hypercar” which will be the most powerful ever to hit the roads.
China’s BAIC seeks to buy 5 percent Daimler stake -sources
German takeover rules allow a buyer to acquire a stake of up to 3 percent before a regulatory disclosure is required.Daimler has ruled out issuing new stock to help an outside party build a stake, forcing potential buyers to acquire shares on the market.BAIC signalled its interest in buying a Daimler stake as far back as 2015, and has redoubled its effort after Li Shufu, chairman of rival Chinese carmaker Zhejiang Geely Holding Group built a 9.69 percent stake in Stuttgart-based Daimler in early 2018.
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Exclusive: China's BAIC seeks to buy 5 percent Daimler stake (Reuters: May 11, 2019 at 8:43 AM)China's BAIC seeks to buy 5 percent Daimler stake (CNBC: May 11, 2019 at 8:38 AM)Exclusive: China's BAIC Seeks to Buy 5 Percent Daimler Stake (New York Times: May 11, 2019 at 8:43 AM)
Exclusive: China’s BAIC seeks to buy 5 percent Daimler stake – sources
BEIJING/FRANKFURT (Reuters) – China’s BAIC Group is seeking to buy a stake of up to 5 percent in Daimler as a way to secure its investment in Chinese Mercedes-Benz manufacturing company Beijing Benz Automotive, three sources familiar with the matter told Reuters. FILE PHOTO: The logo of Beijing Automotive Group (BAIC) is seen during the… Continue reading Exclusive: China’s BAIC seeks to buy 5 percent Daimler stake – sources
Volvo Cars is cutting several hundred jobs: Swedish radio
FILE PHOTO: A long exposure picture shows cars of Swedish automobile manufacturer Volvo displayed in front of a showroom of Stierli Automobile AG company in St. Erhard, Switzerland April 11, 2019. REUTERS/Arnd Wiegmann STOCKHOLM (Reuters) – Swedish carmaker Volvo, which is owned by China’s Geely, is cutting several hundred jobs, Swedish radio reported on Friday… Continue reading Volvo Cars is cutting several hundred jobs: Swedish radio
09. Apr 2019 Mercedes-Benz sells more than 560,000 vehicles worldwide in Q1 2019
April 09, 2019 – Mercedes-Benz sells more than 560,000 vehicles worldwide in Q1 2019 Mercedes-Benz delivered 227,644 vehicles worldwide in March (-4.1%). In China, the strongest-selling quarter of all time was achieved with sales of 174,343 Mercedes-Benz cars (+2.6%). In March, the global sales of the new A-Class set a new record for the first… Continue reading 09. Apr 2019
Mercedes-Benz sells more than 560,000 vehicles worldwide in Q1 2019
Geely Auto New Flagship CMA-based Coupe SUV Launched
Geely Auto’s first model based on Compact Modular Architecture (CMA), Xing Yue launched The world’s first Coupe SUV with PHEV option Comes with three powertrain options; traditional ICE, mild hybrid, and plug-in hybrid PHEV version comes in two battery options with pure electric range of 56km and 80km High performance 2.0T available with a record… Continue reading Geely Auto New Flagship CMA-based Coupe SUV Launched
Mack Introduces The Electric LR Truck
The all-electric Mack LR sanitation truck is soon to be demonstrated in New York. As announced a year ago, Mack Trucks (part of Volvo Group) is introducing its first all-electric truck, the Mack LR Electric. Mack Trucks presents its EV at the WasteExpo 2019 (May 6-9) at the Las Vegas Convention Center. The first unit,… Continue reading Mack Introduces The Electric LR Truck