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BMW F1 sold back to Sauber
Sat, 28 Nov 2009Peter Sauber has taken control of the BMW Sauber F1 Team BMW is getting out fo Motorsport in a big way. Not only has it left F1 but it’s rumoured that they are also pulling out of WTCC after narrowly losing out to SEAT. But at least the BMW F1 Team looks likely to survive almost intact.
Volkswagen hits back, weighs making a bid for Porsche
Thu, 23 Apr 2009Volkswagen 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.
Kia Cadenza revealed
Sun, 18 Oct 2009The new Kia Cadenza The Cadenza is the production version of the KND-5 Concept Kia showed earlier this year and is an A6 sized luxury saloon which will go on sale around the world in 2010. Designed in Europe – by a team headed by an ex Audi designer – the Cadenza is a very convincing up-market saloon aimed at taking on the German offerings. And it looks like it has the goods to deliver on the promise.