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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.

Whos Where: Peter Schreyer to head Kia Design

In what's regarded as a major boost for Korean car maker Kia, it has been confirmed that Peter Schreyer will be moving from Volkswagen AG to lead Kia's global design operation. Schreyer will oversee the design activities of the company's regional design centers in Frankfurt, Los Angeles and Tokyo as well as the Namyang Design Center in Korea. While Schreyer's move to Kia comes across as a big surprise for many within automotive design circles, his departure from Volkswagen doesn't.

First Hyundai ix35 FCEV Hydrogen-powered cars delivered

The first production, hydrogen-powered Hyundai ix35 arrives in Copenhagen Hyundai has been threatening to deliver the first production hydrogen-powered ix35s in Europe for a while, and now its finally happened. Fifteen 1×35 FCEVs have been delivered to the City of Copenhagen during the opening ceremony for the first hydrogen refuelling station in Denmark and will be used by the City of Copenhagen as part of their municipal fleet, and demonstrate in the process that FCEVs are a practical proposition. Hyundai has been deploying prototypes of the ix35 FCEv across Europe for the last couple of years as it works to raise awareness of the technology and drive the impetus for a pan-European hydrogen refuelling network, with EU policy makers having access to the ix35 FCEV and 100 European businesses getting a chance to play at a recent event in Berlin.