Tag: Geely

UPDATE 1-Volvo signs EV battery supply deals with LG Chem, CATL

FILE PHOTO: The logo of Swedish automobile manufacturer Volvo is seen at Stierli Automobile AG company in St. Erhard, Switzerland April 11, 2019. REUTERS/Arnd Wiegmann SEOUL/BEIJING (Reuters) – Swedish carmaker Volvo said on Wednesday it had signed long-term battery supply deals with two Asian battery makers, LG Chem and Contemporary Amperex Technology Co Ltd (CATL),… Continue reading UPDATE 1-Volvo signs EV battery supply deals with LG Chem, CATL

Stoneacre to expand with £6m Volvo Sheffield dealership

Work has begun on a multi-million pound relocation for Stoneacre Motor Group Sheffield. The new site on Penistone Road, Sheffield, is a £6m investment by the Group to improve facilities for customers. The Volvo dealership will have a larger showroom and offer the Volvo Personal Service, which means that technicians will liaise with the customer… Continue reading Stoneacre to expand with £6m Volvo Sheffield dealership

Lotus considering GT, saloon, crossover and SUV projects

Lotus could build GTs, sports saloons, crossovers or SUVs in future, according to new boss Phil Popham – but only after it has re-established its credentials as a sports car firm. Earlier this year, Lotus revealed plans for an electric hypercar, codenamed Type 130, as well as indicating it was preparing to launch a new… Continue reading Lotus considering GT, saloon, crossover and SUV projects

Volkswagen wins worker backing for restructuring with $1.1 billion battery plan

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

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