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Lamborghini has been developing an IPO strategy 'for a long time'

Porsche AG isn’t the only Volkswagen AG brand that has been quietly preparing for a potential initial public offering. Italian luxury-car maker Lamborghini has been developing a strategy how to present itself to stock-market investors since well before Volkswagen asked each of its brands to come up with virtual equity stories, according to the unitÂ’s Chief Executive Officer Stephan Winkelmann. “WeÂ’ve been working on this with other agencies in order to create clarity,” Winkelmann said. “As a brand, weÂ’ve done so for a long time, to show what worth, what value we have. Up until a little while ago, it wasnÂ’t so well known.” Porsche became EuropeÂ’s most valuable automaker last month, when its market capitalization overtook that of VW a week after its IPO in Frankfurt. The debut of the 911 maker was a bold move into public markets, which have been largely shut for most of the year. VW CEO Oliver Blume has said he sees the listing as a blueprint to unlock more value from the groupÂ’s brands that also include Audi and Bentley. “An IPO drill is exactly what you do to show the public how solid you are and what is in progress for the future,” Winkelmann said. “We have a clear story and strategy for that.” Audi, which oversees VWÂ’s premium brands, said last month there are no concrete plans for an IPO of Lamborghini. A previous push to potentially spin off the carmaker and motorcycle brand Ducati ran into opposition from labor leaders. Still, LamborghiniÂ’s recent profit gains -- including a 31.9% operating margin in the first half of this year -- make a solid case for a stock-market listing, said Michael Dean, an analyst at Bloomberg Intelligence. “An IPO is something that could potentially happen in the next 18 months, depending on market conditions,” Dean said. “A ˆ15 billion valuation is entirely justifiable and could be even higher, given the margin metrics.” LamborghiniÂ’s deliveries rose 8% to 7,430 vehicles in the first nine months of the year. Operating profit climbed 69% to ˆ570 million ($567 million). Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Lamborghini teases Huracan Sterrato tackling terrain

Defying Trump, major automakers finalize California emissions deal

WASHINGTON — The California Air Resources Board (CARB) and major automakers on Monday confirmed they had finalized binding agreements to cut vehicle emissions in the state, defying the Trump administration's push for weaker curbs on tailpipe pollution. The agreements with carmakers Ford Motor Co, Volkswagen AG, Honda Motor Co and BMW AG were first announced in July 2019 as voluntary measures prompting anger from U.S. President Donald Trump. A month later, the Justice Department opened an antitrust probe into the agreements. The government ended the investigation without action. The Trump administration in March finalized a rollback of U.S. vehicle emissions standards to require 1.5% annual increases in efficiency through 2026. That is far weaker than the 5% annual increases in the discarded rules adopted under President Barack Obama. The 50-page California agreements, which extend through 2026, are less onerous than the standards finalized by the Obama administration but tougher than the Trump administration standards. The automakers have also agreed to electric vehicle commitments. Volvo Cars, owned by China's Geely Holdings, said in March it planned to join the automakers agreeing to the California requirements. It has also finalized its agreement. The settlement agreements say California and automakers agreed to resolve "potential legal disputes concerning the authority of CARB" and other states that have adopted California's standards. In May, a group of 23 U.S. states led by California and some major cities, challenged the Trump vehicle emissions rule. Other major automakers like General Motors Co, Fiat Chrysler Automobiles NV and Toyota Motor Corp did not join the California agreement. Those companies also sided with the Trump administration in a separate lawsuit over whether the federal government can strip California of the right to set zero emission vehicle requirements. Ford said the "final agreement will reduce emissions in our vehicles at a more stringent rate, support and incentivize the production of electrified products, and create regulatory certainty." BMW said "by setting these long-term, predictable, and achievable standards, we have the regulatory certainty that is necessary for long-term planning that will not only reduce greenhouse gas emissions but ultimately benefit consumers as well." 

VW Jetta TDI dyno shows HP loss trying to recreate cheat mode

Volkswagen is working on a fix for diesel-engined vehicles that are out of compliance with emissions regulations in the US and other countries. We're told that engineers will be presenting a solution internally sometime this month, but that doesn't mean we'll actually see it in the wild this month. One big question we have about the coming fix is, will it affect the car's performance? That question relates to another we have about the engine as it is: How much performance would the 2.0-liter diesel lose right now if it were turned down to pass US emissions? The Fast Lane Car tried to sketch some answers by going to a shop in Denver, Colorado to run a 2011 Jetta TDI with a six-speed DSG transmission on an all-wheel-drive dyno. The thinking was that if you ran all four wheels the car would think it was on the road, whereas if you ran only two the car might think it's being tested. We'll get straight to the numbers: the stock sedan is quoted at 140 horsepower and 236 pound-feet of torque. When run with all four wheels turning it produced an uncorrected 114 hp and 214 lb-ft at the wheels. When run with just two wheels in motion the Jetta got 113 hp and 188 lb-ft at the wheels. Reading the graph, we're told that power differences between the two runs were as much as 15 hp and 32 lb-ft. You'll need to take some salt with these numbers, though, because the dyno and test protocol in the video are nothing like those used by the EPA. The shop attempts to trick the Jetta into 'emissions testing mode' by using the front wheels only for the two-wheel-drive run, but we have a feeling the software code at issue is far more sophisticated than that, since the ICCT, UVA, the EPA, and CARB investigated the situation for more than a year and couldn't figure out. Also, the technician adjusts for being a mile above sea level with a correction factor of 1.2 applied to horsepower and torque, which inflates the disparity in the final power differences over the two runs. Go to YouTube and read the lengthy comments on the video left by Andrew Price for a more thorough dissection of what could explain TFL's disparities. You can watch the video above, and feel free to try and dissect the results yourselves in the comments below. Related Video: