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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.

Mercedes E-class Estate (2010): first official photos

By Alex Michaelides First Official Pictures 05 August 2009 00:01 Take a look at these first official pictures of the Mercedes Fascination concept’s more sober cousin, the Mercedes E-class estate. It’s the latest variation to join the burgeoning Mercedes E-class family, leaving only the convertible and – possibly – the Fascination-emulating sport wagon to come. At the front, you’d be hard-pushed to find a difference between the new E-class estate and the saloon.

EV advocate uninvited from Obama luncheon

Mr. Smith didn't make it to Washington. He didn't even make it to West Los Angeles.