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Wiedeking to be offered $140 million to quit Porsche, report says

Porsche CEO Wendelin Wiedeking could be offered a $141 million (100 million euros) payoff to quit the sports car maker to make way for a merger with Volkswagen, Germany's Sueddeutsche Zeitung newspaper reported Friday. The newspaper said Wiedeking has been visited by Porsche Chairman Wolfgang Porsche in the past few days, who “made it clear” that the embattled CEO should step down. Wiedeking has come under fire for allowing Porsche's holding company to amass debts of more than $12.7 billion (9 billion euros) during a failed attempt to take over VW.

Volvo V60 Polestar production now underway

The Volvo V60 Polestar is now rolling off Volvo’s production line Last month Volvo revealed that the V60 Polestar would be a limited edition run of just 750 cars for the world, but that 125 of those will be heading for the UK – the largest market allocation of any country – and will cost £49,775. And now, seven months after Volvo confirmed the V60 Polestar for production, the first cars are heading off the production line at Volvo’s plant in Torslanda and heading off to their new owners. Although not as powerful as we’d expected, the V60 Polestar still offers an appealing performance package, with 345 bhp and 369lb/ft of torque delivering 0-62mph in an impressive 6.0 seconds.

Renault and Caterham to develop affordable sports cars

Renault and Caterham are to join forces to create new, more affordable sports cars under the Alpine badge. The two groups will establish a jointly owned new group – Société des Automobiles Alpine Caterham – under the leadership of Bernard Ollivier and will develop models to be sold as both Renault Alpine and Caterham. Tony Fernandes, Caterham Group Chairman, said: "We know the markets we are going into and, particularly in my playground in Asia, there is a huge opportunity to replicate the AirAsia model and give consumers access to exciting, affordable products that marry our interests in F1 and technology and help make their dreams come true." At this year's Monaco Grand Prix Renault unveiled the Alpine A110-50 concept, which was seen as a relaunch of the brand despite it being essentially a reworked version of the Renault-branded DeZir concept from the 2010 Paris Motor Show.