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Volkswagen hits back, weighs making a bid for Porsche

Volkswagen is considering an audacious reverse-takeover bid for its majority shareholder, Porsche, in a twist in the drawn-out struggle for control between the two German carmakers. The Volkswagen Group's supervisory board is said to be weighing the possibility of purchasing Porsche AG, in a move that would relieve its holding company, Porsche SE, of massive debt that industry analysts suggest the company may not be able to fund should the world's financial crisis drag on well into 2010--a scenario put forward this week by the International Monetary Fund. The secret plan emerged as shareholders were set to convene at Volkswagen's annual meeting on Thursday, and it comes after Porsche revealed that it is carrying some 9 billion euros ($11.73 billion) in debt, most of it owing to interest on loans taken out to purchase its 50.8 percent stake in VW.

Koenigsegg backs out of deal to buy Saab

Swedish exotic-car maker Koenigsegg Group has canceled plans to buy Saab from General Motors. GM announced that the deal was off on Tuesday and gave no reason why the deal fell apart, nor did the automaker say what would happen to Saab. In a statement, GM CEO Fritz Henderson said: "We're obviously very disappointed with the decision to pull out of the Saab purchase.

Kia Naimo concept

As the Seoul Motor Show starts today, Thursday 31st March, Kia is debuting the Naimo all-electric concept. The concept takes its name from the Korean word ‘Ne-mo' meaning square shape - something that lends itself to the Naimo's aesthetic. The crossover utility vehicle, or CUV, was conceived by Kia's international design team in Seoul and is characterized by its ‘simple lines and solid, muscular stance.' The simple overall design sports such interjecting details as the wrap-around windscreen and asymmetric sunroof.  This mixture of simple and complex is a reference to the common traits of many traditional Korean arts and crafts.  The Naimo's interior was designed to evoke a strong sense of tranquility and features hand-crafted materials throughout such as Korean oak on the floor and door cards, with "Han-ji" paper being used for the head lining. Juxtaposing these traditional elements are modern features such as the transparent organic led display instrument panel.