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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.

Peugeot iOn Electric at Frankfurt

Peugeot are bringing the iON EV to Frankfurt Latest to join the electric car party is Peugeot, who have announced they will be showing the Peugeot iOn, which is to all intents and purposes a re-badged Mitsubishi i-MiEV. No question that this – like all these little electric cars – is a city car only. It ‘boasts’ a range of just 80 miles on a full charge, but that’s enough if you’re only using it in town.

Who's where: Luc Donckerwolke named Design Director at Bentley

Luc Donckerwolke has been named Design Director of Bentley in the latest round of moves within the Volkswagen group, replacing Dirk van Braeckel. Donckerwolke moves from Head of VW Advanced Design, a post he has held for little over a year. He is perhaps most renowned for his work at Lamborghini, overseeing the designs of both the Gallardo and Murcielago – two of the most successful and enduring Lamborghinis ever – during his time in Sant'Agata.