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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.

Ferdinand Piech (1937-2019): The man who made VW global

Towering among his peers, a giant of the auto industry died Sunday night in Rosenheim/Upper Bavaria, Germany. Ferdinand Piech, a grandson of Ferdinand Porsche, who conceived the original Volkswagen in the 1930s, was the most polarizing automotive executive of our times. And one who brought automotive technology further than anyone else. Ferdinand Porsche had a son, Ferdinand (called "Ferry"), and a daughter, Louise, who married the Viennese lawyer Anton Piech. They gave birth to Ferdinand Piech, and his proximity to two Alfa Romeo sports cars — Porsche had done some work for the Italians — and the "Berlin-Rome-Berlin" race car, developed by Porsche himself, gave birth to Piech's interest in cars. After his teachers in Salzburg told his mother he was "too stupid" to attend school there, Piech, who was open about his dyslexia, was sent to a boarding school in Switzerland. He subsequently moved on to Porsche, where he fixed issues with the 904 race car and did major work on the 911. But his greatest project was the Le Mans-winning 917 race car, developed at breathtaking financial cost. It annihilated the competition, but the family had had enough: Amid growing tension among the four cousins working at Porsche and Piech's uncle Ferry, the family decided to pull every family member, except for Ferry, out of their management positions. Piech started his own consultancy business, where he designed the famous five-cylinder diesel for Mercedes-Benz, but quickly moved on to Audi, first as an engineer and then as CEO, where he set out to transform the dull brand into a technology leader. Piech killed the Wankel engine and hammered out a number of ambitious and sophisticated technologies. Among them: The five-cylinder gasoline engine; Quattro all-wheel drive and Audi's fantastic rally successes; and turbocharging, developed with Fritz Indra, whom Piech recruited from Alpina. The Audi 100/200/5000 became the world's fastest production sedan, thanks to their superior aerodynamics. Piech also launched zinc-coated bodies for longevity — and gave diesel technology a decisive boost with the advent of the fast and ultra-efficient TDI engines. Less known: Piech also decided to put larger gas tanks into cars. Customers loved it. Piech's first-generation Audi V8 was met with derision by competitors; it was too obviously based on the 200/5000.

Lamborghini hired 192 new employees in 2014

If you took a census of boyhood bedroom walls... well, first of all, you'd probably be arrested, so we wouldn't recommend it. But if you did, before they'd cart you off and put you on some list, you'd likely come to the conclusion (based purely on the posters of exotic supercars) that Lamborghini was one of the biggest, most important automakers in the world. But in fact it's quite small: just a year ago it had less than 1,000 employees on the payroll. That number is rapidly expanding, though. The Bolognese automaker reveals that just over the course of 2014, it expanded its workforce by "192 highly qualified technicians and specialists," bringing its roster up to 1,175 employees. That's a large share of the 500 new staffers it has hired over the last four years, and the company plans to hire more in 2015 "with equally significant numbers." Just as impressively, while unemployment is booming in Italy, especially among the younger generation, about half of those new recruits at the factory in Sant'Agata are under 30. Human resources isn't the only part of the company that's expanding, though. The Raging Bull marque is participating in motorsports more than it ever has before, but the biggest achievement can be seen in its sales figures. The company sold a record 2,530 units last year, which is a good hundred more than its previous record from 2008 and about ten times the numbers it was moving when Volkswagen and Audi took over in the late '90s. The arrival of the new Huracan promises to drive its sales even higher, and if Wolfsburg ever gives it the green light, a third model line (like the Urus crossover) would shoot its numbers through the roof. Automobili Lamborghini: A record hiring of of nearly 200 new employees in 2014 Sant'Agata Bolognese, 28 January 2015 - 2014 was an extraordinary year for Automobili Lamborghini: not only from the standpoint of sales (2,530 cars delivered to customers), but other indicators also demonstrate the growth of the House of the Raging Bull. In 2014, the company hired 192 highly qualified technicians and specialists, bringing the total number of permanent employees to 1,175. Over the last four years, nearly 500 new employees have been hired, all with open-ended contracts. Further recruitment is planned in 2015 with equally significant numbers. Stephan Winkelmann, President and CEO of Automobili Lamborghini, commented: "Lamborghini is undergoing a strong phase of growth in both sales and in terms of recruitment.