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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.

Gibbs Sports Amphibians launches the Quadski

Gibbs Sports Amphibians has unveiled the Quadski, an amphibious all-terrain vehicle that, according to company founder Alan Gibbs, obliterates the distinction between land and water transportation. The 1,300-pound, 10.5-foot-long Quadski looks a bit like a jet-powered personal watercraft sitting on top of a single-seat ATV, but it's what's underneath the vehicle's molded composite body that separates the high-speed Quadski from larger, slower amphibious predecessors. The Quadski draws power from a BMW K 1300 Motorrad motorcycle engine capable of producing 175 hp.

Lotus revamps 2007 MG TF

By Phil McNamara Motor Industry 24 July 2006 06:11 The MG TF will be reborn at Longbridge in 2007 - and the roadster has been overhauled by the ride and handling experts at Lotus. Nanjing Automotive Corporation, the Chinese company that bought the assets of the bankrupt MG Rover in 2005, has lifted the lid on its plans. Assembly of up to 15,000 TFs annually will begin in the first half of next year, at the mothballed West Midlands plant.