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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 Centenario blows our minds with 760 horsepower

Every time we think Lamborghini couldn't go more extreme, it goes and outdoes itself again. Take this latest supercar for example. Called the Centenario, it celebrates what would have been Ferruccio Lamborghini's hundredth birthday (were he still alive today). It's essentially an Aventador underneath, but with more visually arresting bodywork and even more impressive specs. Like the Aventador, the Centenario is built around a carbon monocoque with a V12 engine bolted to the back. Only instead of the Aventador's 700 metric horsepower or the Aventador SV's 750, the Centenario packs 770 – equivalent to 760 hp by US standards. That's enough to propel it to 62 miles per hour in 2.8 seconds and on to a top speed in excess of 217 mph. To keep all that power and pace in check, Lamborghini fitted the Centenario with carbon-ceramic brakes and magnetorheological dampers. It also packs a four-wheel steering system like the one you'd find on the Porsche 911 GT3 or Ferrari F12 TdF to help keep it stable at speed and nimble under cornering. The unique Independent Shifting Rod transmission carries over from the Aventador, but as you can see, the Centenario strikes an even more aggressive profile than its (relatively) more commonplace stablemate. View 19 Photos The bodywork is all fresh, with more vents and ducts than an air conditioner factory and – dare we say – more visual aggression than anything Sant'Agata has made to date... save for maybe the Veneno. Just check out those enormous intakes aft of the doors, for crying out loud. Also, check out the DTM-size rear diffuser, or the old-school air extractors in the bonnet that somehow still leave room for a pair of helmets in the luggage compartment. The whole thing is longer than the Aventador, and sits lower to the ground. Think of its relationship to the Aventador as the Reventon was to the Murcielago and you'll be on the right track. This particular example is rendered in exposed carbon fiber, but each will be made to the customer's specifications. Now before you go picturing yourself as one of those customers, we should point out that Lamborghini will only make 40 examples – 20 coupes and 20 more roadsters – and all of them have already been sold at a price of 1.75 million euros (before taxes), which works out to about $1.9 million at current exchange rates.

Coronavirus prompts VW to stop production throughout Europe

FRANKFURT — Volkswagen Group, the world's biggest carmaker, is suspending production at factories across Europe as the coronavirus pandemic hits sales and disrupts supply chains, the company said on Tuesday. The German carmaker, which owns the Audi, Bentley, Bugatti, Ducati, Lamborghini, Porsche, Seat and Skoda brands, also said that uncertainty about the fallout from coronavirus meant it was impossible to give forecasts for its performance this year. "Given the present significant deterioration in the sales situation and the heightened uncertainty regarding parts supplies to our plants, production is to be suspended in the near future at factories operated by group brands," Chief Executive Herbert Diess said on Tuesday. Volkswagen's powerful works council concluded it was not possible for workers to maintain a safe distance from each other to prevent contagion and recommended a suspension of production at its factories from Friday. Production will be halted at VW's Spanish plants, in Setubal in Portugal, Bratislava in Slovakia and at the Lamborghini and Ducati plants in Italy before the end of this week, Diess said. Most of its other German and European factories will prepare to suspend production, probably for two to three weeks, while Audi said separately it would halt output at its plants in Belgium, Germany, Hungary and Mexico. Volkswagen's vast factories in Chattanooga, Tennessee, in Puebla, Mexico, and plants in Brazil were not affected, but that would depend on how the coronavirus spreads, VW said. Volkswagen has 124 production sites worldwide of which 72 are in Europe, with 28 in Germany alone. "2020 will be a very difficult year. The coronavirus pandemic presents us with unknown operational and financial challenges. At the same time, there are concerns about sustained economic impacts," Diess said.   Production in China resumes Volkswagen Group sold 10.96 million vehicles last year, putting it ahead of Toyota based on the latest figures from the Japanese carmaker. Globally, VW employs 671,000 people and it delivered 4.86 million vehicles to European customers in 2019. Only last month the car and truck maker based in Wolfsburg, Germany, predicted that vehicle deliveries this year would match 2019 sales and forecast an operating return on sales in the range of 6.5% to 7.5%. "The spread of coronavirus is currently impacting the global economy. It is uncertain how severely or for how long this will also affect the Volkswagen Group.