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If VW defaults on loans it may sell Bentley or Lamborghini

If something goes catastrophically wrong with Volkswagen Group's recent $21 billion loan, brands like Bentley or Lamborghini could hit the auction block. According to two insiders to Reuters, the beleaguered German automaker agrees with its creditors to sell assets if the company somehow can't pay back the debt in a year. One of these anonymous people claimed the company hasn't yet deliberated over what to sell. However, the sources were willing to speculate that the power engineering portion of Man could be among the first to go. "Volkswagen may also consider divesting luxury car brands Bentley and Lamborghini or motor bike brand Ducati, although these units don't really move the needle," an insider said to Reuters. VW Group negotiated with the banks earlier this week to get the massive loan. The cash is necessary as a buffer in case the automaker doesn't have enough money on hand to repair vehicles or settle upcoming fines. VW would reportedly issue bonds in the spring to begin paying the debt. The company's bills will start racking up quickly in the new year. German authorities mandate a recall there in early 2016, and repair campaigns in the US for the 2.0- and 3.0-liter diesel engines are inevitable. There are also hundreds of class-action lawsuits to settle. The company needs to resolve its CO2 emissions scandal in Europe, too. In response to these financial threats, VW management created a cost-cutting plan to slash the research and development budget by $1.1 billion next year.

Volkswagen names new chief designer for Bentley

The Volkswagen Group has named one of its own to head up the design department at its Bentley division. The role now falls to Stefan Sielaff, who has been with the group (off and on) since 1990. Sielaff is principally an interior designer, but has been tasked with setting up numerous overall design offices for Volkswagen and Audi over the years. In his new capacity he'll be reporting to the group's chief engineer Rolf Frech (and oddly not to Bentley chief Wolfgang Durheimer), but at the same time, Sielaff will retain his role as head of interior design for the entire VW group, reporting to its chief designer Walter de Silva. Sielaff replaces Luc Donckerwolke, who has headed up Bentley design since 2012 and is leaving the company. We'll be on the lookout to see where Donckerwolke lands next. Crewe/Wolfsburg, 04 June 2015 Stefan Sielaff to head design at the Bentley brand • Sielaff also responsible for Group Interior Design Strategy Stefan Sielaff (53), currently Head of the Volkswagen Design Center in Potsdam, will assume responsibility for design at the Bentley brand effective July 1, 2015 in addition to his present post as Head of Group Interior Design Strategy. As Director of Design at Bentley, Sielaff succeeds Luc Donckerwolke (49), who held this function since 2012. Stefan Sielaff joined the Volkswagen Group in 1990, beginning his career in the interior design department at Audi. From 1995 the design graduate was entrusted with setting up the Group's Design Center Europe in Spain. In 1997 he was placed in charge of the Design Studio in Munich and was appointed Head of Audi Interior Design in the same year. In 2003 Sielaff moved to DaimlerChrysler as Design Director of the Interior Competence Center, returning to the Volkswagen Group in 2006 to become Head of Audi Design before being appointed Head of the Volkswagen Design Center in Potsdam und Head of Group Interior Design Strategy in 2012. In his new function as Director of Design at Bentley, Sielaff reports to Rolf Frech, Board Member for Engineering. In his function as Head of Group Interior Design Strategy he continues to report to Walter de Silva, Head of Group Design. Luc Donckerwolke has decided to leave the company. De Silva said: "Luc Donckerwolke has played a key role in the design of various Group brands. We would like to thank him for his work." Related Video: News Source: Volkswagen Design/Style Hirings/Firings/Layoffs Bentley Volkswagen

Bentley Bentayga takes Pikes Peak SUV record

Earlier this spring, we wrote about Bentley's bid to beat the existing Pikes Peak record for sports utility vehicles, with racing driver Rhys Millen behind the wheel of a bright green Bentayga. And this past weekend, they did it, slicing almost two minutes off the earlier record. Having been set by Paul Dallenbach with a Range Rover Sport back in 2013, the old record stood at 12:35.61. The New Zealand-born Millen completed the course in 10:49.9, at an average speed of 66.5 miles per hour. To pass Pikes Peak scrutineering and to keep Millen safe, the near-stock Bentayga had been fitted with a roll cage and racing seats, along with a harness and a fire suppression system; the only performance modification was a production-specification Akrapovic exhaust system. We expect the engine note to have been crowd-pleasing. The #Bentayga has smashed the Production SUV record at #PikesPeak, beating the previous best by nearly two minutes. @RhysMillen took just 10:49.9 to climb 5000 ft over 12.4 miles #BeExtraordinary pic.twitter.com/sEQ80FgwbE — Bentley Motors Comms (@BentleyComms) June 24, 2018 The 5000-foot climb has 156 corners, which the Radium Satin colored, 600-hp Bentayga attacked on stock Pirelli rubber. After his record run, Millen said: "To take a luxury SUV with minimal modifications and be able to drive up this course in under 11 minutes is a huge testament to the performance and level of engineering in the Bentayga." Related Video: Featured Gallery Bentley Bentayga Pikes Peak Image Credit: Bentley Motorsports Bentley Crossover SUV Luxury pikes peak bentley bentayga hill climb