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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.

Nissan LEAF EV sales top 50,000

Nissan has revealed that sales of the electric LEAF have now topped 50,000 units since the LEAF went on sale in 2010. We’re not fans of the electric car as a replacement for the ICE car, but some electric cars can give a fair impression (at a a price) of a traditional family car, and the Nissan LEAF probably does it better than any other electric car. The LEAF went on sale in 2010 and, although sales have not been exactly huge, Nissan has revealed that the LEAF has now passed more than 50,000 cars sold in the 17 countries it is available, with the U.S.

Mobius Motors builds a car for the developing world

Mobius Motors of Kenya claims that it is building the car that will transform Africa by offering reliable, rugged transportation to the masses. Its Mobius Two is a simple, serviceable, tube-frame car designed specifically for the African market. It's also awesome.