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Porsche to take majority stake in VW for £7bn

By Ben Whitworth Motor Industry 07 March 2008 11:26 Porsche is about to become the majority shareholder in Volkswagen. The sportscar maker has been given the green light to purchase further stock in VW, taking its share past the 50 percent mark to give it a controlling interest. As soon as various legal checks have been cleared, Porsche plans to purchase a further 20 percent of VW stock – it already owns 31 percent - at an estimated cost of around £7 billion.

BMW recalls new 5-series

BMW is recalling up to 12,400 new 5-series sedans that have defective fuel-tank sensors. Bloomberg reports that the fuel sensors can become wedged against the tank, causing the fuel gauge to display a higher amount of fuel than what is present. There have been 10 reported incidents of sedans being affected by the defect in the United States.

Donato Coco announced as new Ferrari Design Chief

Donato Coco has been appointed as Ferrari's new Chief Designer, starting November 14. It is a move that fills the void left by Frank Stephenson, who earlier this year moved to head the Fiat, Lancia and Light Commercial Vehicles styling center. "Coco will have the job of stimulating and directing the creativity of Ferrari's partners, which in terms of styling include our historic partnership with Pininfarina," Ferrari said.