2006 Volkswagen Touareg Tdi Sport Utility 4-door 5.0l on 2040-cars

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VW close to decision on selling Bugatti to Rimac

FRANKFURT — Electric hypercar maker Rimac Automobili and Volkswagen's supercar brand Bugatti are a good technological fit, Porsche's CEO told German weekly Automobilwoche, fueling hopes that a deal between the two could happen soon. British automotive magazine Car last year reported that Volkswagen was on the verge of selling Bugatti to Rimac Automobili, citing sources. In exchange, Porsche, also owned by Volkswagen, would raise the 15.5% stake it owns in Rimac, founded by Croatian entrepreneur Mate Rimac, Car said. "At the moment there are intense deliberations on how Bugatti can be developed in the best possible way. Rimac could play a role here because the brands are a good technological fit," Porsche CEO Oliver Blume said. "There are various scenarios with different structures. I believe that the issue will be decided by the group in the first half of the year," said Blume, who also sits on the management board of parent Volkswagen. Rimac has developed an electric supercar platform, which he supplies to other carmakers, including Pininfarina. Blume also confirmed higher savings targets for Porsche, saying the carmaker plans to support results by 10 billion euros ($12.1 billion) of cost cuts by 2025, up from 6 billion previously. Related Video:

Volkswagen posts quarterly profit despite drop in sales

Volkswagen returned to profit in the third quarter as surging Chinese demand for luxury cars helped offset a 1.1% drop in vehicle deliveries due to the pandemic, sending its shares as much as 3% higher on Thursday. The German automaker's return to the black comes amid spiking coronavirus cases in Europe that led governments in France and Germany to order their countries back into strict national lockdowns on Wednesday. "The coronavirus remains a central problem," Volkswagen Chief Financial Officer Frank Witter said in a conference call with reporters. "This situation now is anything but relaxed." But Witter said the group expected the economic recovery to continue and did "not anticipate any nationwide lockdowns in larger markets." Witter said the takeover of U.S. truck maker Navistar International by Volkswagen's trucking unit Traton was an important acquisition, but the "current economic climate will not make this easy." Volkswagen reiterated it expects to post a profit for the full year, saying its business "recovered noticeably" in the third quarter as sales in China of premium vehicles, including Audi and Porsche sports cars, rose 3%. The quarterly performance was also aided by a series of cost-cutting measures launched earlier this year. Volkswagen said its net liquidity rose to 24.8 billion euros from 18.7 billion at the end of the second quarter. Excluding one-time items, third-quarter operating profit was 3.2 billion euros ($3.8 billion), down from 4.8 billion euros a year earlier, but up from a second quarter loss of 1.7 billion. In a note to clients, Jefferies analyst Philippe Houchois described the results as a "solid performance with strong cash, but relatively muted in the context of the (auto) sector recovery." Last week, German rival Daimler reported a record 24% jump in Chinese demand for its Mercedes-Benz cars, boosting its margins in the third quarter. Italian-American Fiat Chrysler Automobiles and Peugeot manufacturer PSA Group both also posted solid results this week. Witter said Volkswagen could not say for sure whether it would meet EU CO2 emissions targets this year, adding "it will be a tough race." At 1030 GMT, Volkswagen shares were up 2.9% at 129.20 euros. Related Video: Earnings/Financials Audi Bentley Bugatti Lamborghini Porsche Volkswagen

UAW angered over VW workers getting right to defend anti-union vote

The United Auto Workers have called a decision by the National Labor Relations Board allowing anti-UAW employees at the Volkswagen factory in Chattanooga the right to defend voting down unionization at the plant "an outrage."
You'll recall that the union was defeated by a vote of 712 to 626 in a contentious February election. The UAW claims the outcome was unfairly swayed by pro-business, anti-union forces, including Senator Bob Corker and political advocate Grover Norquist.
This new decision by the NLRB essentially gives workers backed by the anti-UAW National Right to Work Legal Defense Foundation and Southern Momentum a formal voice in the impending hearing on the UAW's appeal of the vote.