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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.

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.

Volkswagen Group sales down 15% in pandemic year, but EV sales up 214%

FRANKFURT, Germany — German automaker Volkswagen said its global sales fell 15.2% during 2020 due to the COVID-19 pandemic but showed significant recovery toward the end of the year. The company more than tripled its sales of battery-only vehicles. Global sales for all of Volkswagen's brands amounted to 9.3 million vehicles. The fourth quarter showed a smaller decline of 5.7% and within that quarter the month of December was still further improved, showing a shortfall of only 3.2% from the same period the year before. Volkswagen said Wednesday that sales fell the most in Western Europe, by 21.6%, while China, the company's largest single market, was down 9.1% Sales of battery-only cars jumped 214% to 231,600 from 73,700 across all the company's brands. The company's electric sales leaders included the Volkswagen ID.3 compact, with 56,500, the Audi E-Tron SUV with 47,300, and the high-end Porsche Taycan with 20,000. Volkswagen said that its sales fell by less than the overall market, meaning it had slightly expanded its market share. “The COVID-19 pandemic made 2020 an extremely challenging year,” said group sales chief Christian Dahlheim. “The Volkswagen Group performed well in this environment and strengthened its market position." Volkswagen Group's brands include Volkswagen, Audi, Porsche, SEAT, and Skoda as sell as truck makers MAN and Scania.