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Fisker, Energy Department face tough Congressional hearing on federal loans

Struggling Fisker Automotive took a bludgeoning Wednesday on Capitol Hill from top congressional Republicans who compared Fisker to failed automotive startups of the past and lambasted the Department of Energy for allowing the electric-car producer to draw down nearly $200 million in taxpayer-funded loans. House Oversight Chairman Darrell Issa, R-Calif., told Fisker founder Henrik Fisker that he will be remembered fondly for his design work for BMW and Aston Martin. But he compared Fisker to Malcolm Bricklin, John DeLorean and Preston Tucker -- three entrepreneurs known for their failed startup car companies.

Volvo WILL build a luxury car to take on the Mercedes S-Class

Volvo WILL build a luxury car to take on the Mercedes S-Class (Concept You pictured) Volvo has done a lot right – and not much wrong – since Geely took over the reigns from Ford. With new cars like the V40, a new range of 4-cylinder engines and a new design direction – previewed by the stunning Volvo Concept Coupe – the Swedes look to be on a roll. But their strategy of pointing their cars at premium car lovers in the mainstream segment seemed to have taken a left turn with a revelation by Geely and Volvo Chairman, Li Shufu, who has declared Volvo are to build a luxury car to take on the might of the Mercedes S-Class, Audi A8, BMW 7-Series and Jaguar XJ.

Porsche to take majority stake in VW for £7bn

By Ben Whitworth Motor Industry 07 March 2008 11:26 Porsche is about to become the majority shareholder in Volkswagen. The sportscar maker has been given the green light to purchase further stock in VW, taking its share past the 50 percent mark to give it a controlling interest. As soon as various legal checks have been cleared, Porsche plans to purchase a further 20 percent of VW stock – it already owns 31 percent - at an estimated cost of around £7 billion.