Porsche will become Europe's largest car and truck manufacturer tomorrow when its holdings in Volkswagen are taken to 30.9%. Porsche have exercised an option to take an extra 3.6% stake in VW, which will raise its total stake above 30% and trigger a mandatory take over offer.
Porsche plans to launch a £24 billion offer, £67.81 per share. Volkswagen sells 60 times more cars than Porsche and has sales of £68 billion against Porsche's £4 billion. Porsche said that it was not seeking a majority of Volkswagen shares but few doubt that is its ultimate objective.
Porsche's investment in Volkswagen now totals about £3.4 billion but gives it control over an empire ranging from Volkswagen, Skoda and Seat to luxury brands such as Lamborghini, Bugatti and Bentley.
Porsche's takeover will also give them a say over the creation of what could be Europe's largest truck manufacturer, as VW is the biggest share holder in both Sweden's Scania and Germany's MAN.
Ferdinand Piech, who is a controlling share holder in Porsche and Volkswagen's supervisory board chairman, is also the grandson of Ferdinand Porsche, who created the Volkswagen Beetle and founded Porsche.
Ferdinand Porsche (September 3, 1875 - January 30, 1951) was an Austrian automotive engineer, born to German speaking parents in what is now part of the city of Liberec (or Maffersdorf in German) in the Czech Republic. Ferdinand Porsche is best known for designing the first and original Volkswagen Beetle. He also contributed to advanced German tank designs. Ferdinand Porsche's son, Ferry Porsche, is the eponym for Porsche automobiles.
Honda Small Hybrid Sports Concept
Honda have taken the wraps of their latest offering, the Honda Small Hybrid Sports Concept, a hybrid concept car that Honda hopes changes the way hybrids are viewed: Socially responsible and boring. The Japanese maker's Small Hybrid Sports Concept is a compact 2 seater that Honda promises is environmentally friendly, as a hybrid should be, but will also deliver the looks, excitement and driving enjoyment of a sports car.Honda's Small Hybrid Sports Concept is built around a front wheel drive and is powered by a Honda IMA 4 cylinder petrol/electric hybrid system driving through a CVT transmission.
The exterior of the Small Hybrid Sports Concept has short rear and front overhangs and wheel arches wrapping tightly around its distinctive 20 inch rims, fitted with 165/60 section tyres. The aerodynamically designed body is a blend of sharp folded edges and rounded curves sweeping forward in to an arrow like nose, which has some of Honda Civic's family overtones.
The Honda Small Hybrid Sports Concept's one-piece glass roof extends from the steeply raked windscreen at the front all the way to the back, in a very futuristic and distinctive design which is accentuated by the LED tail light unit bearing the car's name, Small Hybrid Sports. Rear facing digital cameras, which take the place of conventional door mirrors, further add to the futuristic design.
Ford to Sell Aston Martin for £479m
Ford will sell the luxury British car maker Aston Martin, in a deal worth £479m ($925m), to a group fronted by BAR and Benetton motor racing boss David Richards.Ford, the 2nd largest UK car maker, and 3rd largest in the world, confirmed that it would keep a £40m investment in Aston Martin, and expected that the deal will close in the 2nd quarter of this year.
David Richards, who's motor sport and engineering group, Prodrive, has a team place in the 2008 F1 championship, partnered in the deal with John Sinders, a banker in shipping and finance, and Kuwait's Investment Dar and Adeem Investment Co.
Ford, who posted the biggest loss in its 103 year history in 2006, dropping £6.6b into the red, said the sale of Aston Martin would free funds to invest in its other brands after a sharp downturn in sales, which can be attributed to high fuel prices and high interest rates.
Ford is currently undergoing a 4 year turn around plan that includes closing 16 plants and cutting up to 45,000 jobs.
The Aston Martin name was given a boost by its appearance in the 1964 James Bond film "Goldfinger", starring Sean Connery swapping his Bentley for a gadget-laden DB5, complete with ejector seat, rockets and retractable armored shield.
Daniel Craig was behind the wheel of a silver DBS in the latest James Bond film "Casino Royale" in 2006. Read more about the Aston Martin DBS here.
Lamborghini Gallardo Superleggera
Lamborghini will unveil the most purist and sportiest Gallardo ever at next week's Geneva motor show. The special edition Gallardo Superleggera (meaning "super light" in Italian) weighs in at 1330kg, which is 100kg less that the standard Gallardo. This dramatic weight reduction was achieved through the extensive use of aluminium, polycarbonate and carbon fibre.The Gallardo Superleggera's 530bhp is delivered through the same 5 litre V10 engine found in the standard Gallardo, although the exhaust and intake systems have been tweaked to boost power, and is channelled to all 4 wheels through Lamborghini's 6 speed electric/manual gearbox.
The Gallardo Superleggera will accelerate from 0-100kmh in 3.8 seconds, which is 0.2 seconds faster than the standard Gallardo.
The Gallardo Superleggera owes its lighter weight to a series of lightweight carbon fibre elements including a under body cover, rear diffuser, door panels and rear view mirrors. Instead of the standard glass engine window, a carbon fibre bonnet has been fitted with transparent polycarbonate to show off the Lamborghini's V10 engine. The interior features carbon fibre sports seats covered in Alcantara, an artificial leather. And some of the steel components of the chassis is now made from aluminium.
