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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.

Best new car sales in six years

RECORD new car sales achieved a six-year high in 2013, the motor industry has announced. A total of 2,264,737 new cars were registered in 2013 - a 10.8% rise on the 2012 figure and the best annual total since the pre-recession year of 2007, the Society of Motor Manufacturers and Traders (SMMT) said. The 2013 total was boosted by a 23.76% rise, to nearly 153,000, in sales in December - the 22nd successive month of increases.

Cut and shut: Ford builds Mustang on Empire State Building

The iconic Ford Mustang is 50 years old in 2014, and to celebrate Ford will be officially selling it in Europe for the first time ever. But in logistics terms, that’s nothing compared to this stunt: timed to coincide with the 2014 New York Motor Show, Ford has parked a new Mustang convertible on the observation deck of the Empire State Building. Not impressed?