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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.

Toyota Prius recalled for water-pump fix

Toyota is recalling about 650,000 units of the Prius hybrid for a problem with the coolant pump that could cause the engine to overheat. The recall covers 2004 to 2007 models of the Prius. More than half of the vehicles being recalled, 378,000, were sold in the United States.

Hyundai confirms luxury Genesis Brand to take on Lexus & Infiniti

Hyundai are planning to launch the Genesis Brand (Hyundai Veloster pictured) The rise and rise of Hyundai (and Kia too) has lead to speculation for some time that the next stage in their evolution is a proper luxury brand to take on Infiniti and Lexus, and it’s now confirmed that Hyundai will be launching the ‘Genesis’ brand within two years. Not to be confused with the ‘Not for the UK’ Hyundai Genesis, the Genesis brand will be a range of cars from Hyundai offering real competition for the luxury brands from Nissan and Toyota, but with a dose of Hyundai pricing and warranty thrown in to the mix. Hyundai’s product manager in Australia – Roland Rivero - has come out and confirmed that the Genesis brand is in  the making and will initially – at least in Australia – offer two RWD cars.