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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.
New Ford Fiesta ST starts production ahead of first deliveries in March
Fri, 08 Feb 2013Ford has started production of the new Fiesta ST at its plant in Cologne ahead of first customer cars arriving in Ford’s UK showrooms in March. By the time the Fiesta ST arrived at the 2012 Geneva Motor Show it had turned in to a full production model – with little change from the concept – and we finally got UK prices for the Fiesta ST last month, with the promise that Ford would be getting the first STs to customers in March. That plan looks like it’s on track as Ford announce the Fiesta ST has now started to roll off the production line in Cologne (and even the first STs coming off the line get Ford’s orange statement paint job).
Honda rolls out the CR-V concept as production launch nears
Thu, 22 Sep 2011Honda on Thursday rolled out the CR-V concept, which previews the redesign for the small crossover. Honda plans to unveil the redesigned 2012 CR-V at the Los Angeles auto show in November and says the car will go on sale by the end of this year. Honda says the new CR-V will weigh less than the current model and get a more fuel-efficient engine.