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Volkswagen hits back, weighs making a bid for Porsche

Volkswagen is considering an audacious reverse-takeover bid for its majority shareholder, Porsche, in a twist in the drawn-out struggle for control between the two German carmakers. The Volkswagen Group's supervisory board is said to be weighing the possibility of purchasing Porsche AG, in a move that would relieve its holding company, Porsche SE, of massive debt that industry analysts suggest the company may not be able to fund should the world's financial crisis drag on well into 2010--a scenario put forward this week by the International Monetary Fund. The secret plan emerged as shareholders were set to convene at Volkswagen's annual meeting on Thursday, and it comes after Porsche revealed that it is carrying some 9 billion euros ($11.73 billion) in debt, most of it owing to interest on loans taken out to purchase its 50.8 percent stake in VW.

More audio, mileage for the 2011 Honda Accord

Honda's updated 2011 Accord sedan and coupe will hit dealerships in mid-August. The Accord gets a refresh inside and out, a new leather-equipped Special Edition model and a handful of other interior upgrades. Fuel-economy improvements--a result of improved aerodynamics, less engine friction and new gear ratios--mean 34 mpg on the highway for the four-cylinder and 30 mpg for the V6.

Automotive Archaeology: Chicago collector creates gems from the junkyard

Chicago-area native Joe Bortz began collecting cars in 1962 with no idea that he'd become renowned for having possibly the world's best collection of significant concept cars. More than 40 years later, that's an honor Bortz wears with pride, but it speaks to only a part of his collection of machinery. Bortz's car-collecting passion began with a 1928 Chevrolet Landau coupe.