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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.

Rolls-Royce puts dragons on Phantoms for the Chinese New Year

Rolls-Royce is commemorating the 2012 Chinese New Year with a Year of the Dragon Collection of limited-edition Phantoms boasting dragon-themed detailing. The Bespoke design team at Rolls-Royce drew inspiration from the dragon of the Chinese zodiac--symbolizing power, prosperity and good fortune--for which this year will be named. A collection of Phantoms will be detailed as follows.

Lexus IS facelift (2011) revealed

The Lexus IS Range gets a facelift for 2011 The Lexus take on the BMW 3 Series – the Lexus IS range – has been with us pretty much unchanged for five years. So it’s certainly due a tweak or two plus it needs that certain little something many cars need at the moment – updates to conform with Euro 5 emissions which come in to play in January 2011. Across the IS range there are styling changes to mark out the 2011 models.