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    Volkswagen and Porsche Create Integrated Automotive Group 

    by
    Tom
    Published on 07-07-2012 10:56 AM
    Categories:
    1. Local
    2. International
    3. Porsche
    4. Volkswagen
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    • Accelerated integration model permits combination of automotive business with expected effect as from August 1, 2012
    • Porsche’s automotive business will be contributed in full to the Volkswagen Group ahead of schedule for around €4.46 billion plus one Volkswagen ordinary share
    • Net synergies of approximately €320 million from the accelerated integration will be split 50:50 between the two companies
    • CEO Prof. Dr. Martin Winterkorn: "Good for Volkswagen, good for Porsche and good for Germany as an industrial location"
    Volkswagen Aktiengesellschaft and Porsche Automobil Holding SE (Porsche SE) are to create the integrated automotive group through the contribution in full of Porsche’s automotive business to the Volkswagen Group, with the move expected to already take effect as of August 1, 2012. The relevant governing bodies of the two companies approved the plan for this today. The move will allow the integrated automotive group consisting of Volkswagen and Porsche to become reality some two years earlier than would have been economically feasible under the put/call options provided for in the Comprehensive Agreement signed in August 2009. Porsche SE will receive around €4.46 billion and one Volkswagen ordinary share as consideration for contributing the 50.1 percent of Porsche AG not yet owned by Volkswagen. "The unique Porsche brand will now become an integral part of the Volkswagen Group. That is good for Volkswagen, good for Porsche and good for Germany as an industrial location. Combining their operating business will make Volkswagen and Porsche even stronger – both financially and strategically – going forward. We can now cooperate even more closely and jointly leverage new growth opportunities in the high-margin premium segment through targeted investments in pioneering products and technologies. This will benefit our customers, our employees and our shareholders", said Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft.

    The two companies announced last September that it would not be possible to implement the merger of Volkswagen AG and Porsche SE provided for in the Comprehensive Agreement signed in 2009 by the end of 2011, as had been agreed. In addition, the tax treatment of the put/call options provided for in the Comprehensive Agreement does not allow the automotive business to be integrated on economically feasible terms before the second half of 2014. The two companies have therefore been exploring alternative ways of achieving their common goal of an integrated automotive group that can be implemented by all parties at an earlier point in time.

    The accelerated integration model that has now been agreed is based on the Umwandlungssteuergesetz (Reorganization Tax Act) and the Umwandlungssteuererlass (Taxation of Reorganizations Circular) which was published at the end of 2011, as well as advance rulings from the relevant tax authorities, and can be implemented on economically feasible terms. Under the structure developed jointly by the two companies, Porsche SE will contribute its operations as a holding company, including its 50.1 percent Porsche stake, to Volkswagen Aktiengesellschaft, which already holds indirectly 49.9 percent of Porsche AG. Once the transaction has closed, Volkswagen will hold 100 percent of the shares of Porsche AG via an intermediate holding company. In return, Porsche SE will receive a consideration totaling around €4.46 billion plus one ordinary share of Volkswagen. The cash consideration is based on the equity value of €3.88 billion for the remaining shares of Porsche AG set out in the Comprehensive Agreement, plus a number of adjustment items. Among other things, Porsche SE will be remunerated for dividend payments from its indirect stake in Porsche AG that it would have received as well as for half of the present value of the net synergies realizable as a result of the accelerated integration, which amount to a total of approximately €320 million.
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    National Electric Vehicle Sweden AB acquires the main assets of Saab Automobile 

    by
    Tom
    Published on 14-06-2012 09:36 PM
    Categories:
    1. Local
    2. International
    3. Saab

    National Electric Vehicle Sweden AB to establish a new venture for development and manufacturing of electric vehicles (EVs) in Trollhättan, Sweden.


    National Electric Vehicle Sweden AB (NEVS) and the Receivers of the Saab Automobile bankruptcy estate today signed a purchase agreement which covers the main assets of Saab Automobile AB, Saab Automobile Powertrain AB and Saab Automobile Tools AB. The agreement includes all outstanding shares in the property company which owns the Saab Automobile facilities in Trollhättan, Sweden. The price for the assets has not been disclosed. Saab Automobile Parts AB, as well as intellectual property rights for the Saab 9-5, owned by General Motors, are not included in the purchase agreement.


    “The sale to NEVS is our most important action to realize the assets of the estate,” said Anne-Marie Pouteaux, Partner, Wistrand, Hans L. Bergqvist, Partner, Delphi, Receivers in bankruptcy for the Saab Automobile estate and Kent Hägglund, DLA Nordic, Co-receiver in bankruptcy for the Saab trademark and trade name rights. “From the outset, it has been our ambition to find a comprehensive solution by the summer, so we are very pleased today, having reached this agreement.”

    NEVS is an international consortium formed by Japanese, Swedish and Chinese stakeholders. The company will establish a new automobile venture in Trollhättan, solely dedicated to development and manufacturing of electric vehicles (EVs).

    The first model to be developed will be based on the current Saab 9-3, which will be modified for electric drive using advanced EV technology from Japan. Launch is targeted at year-end 2013/2014.


    In parallel with EV conversion of the Saab 9-3, an all-new model will be developed, based on additional cutting-edge technology from Japan. Marketing and sales will be global, with an initial focus on China, projected to be the largest and most important EV market.

    “China is investing heavily in developing the EV market, which is a key driver for the ongoing technology shift to reduce dependence on fossil fuels,” said Kai Johan Jiang, founder and main owner of National Modern Energy Holdings Ltd, the majority shareholder of NEVS. “The Chinese can increasingly afford cars; however, the global oil supply would not suffice if they all buy petroleum-fueled vehicles. Chinese customers demand a premium electric vehicle, which we will be able to offer by acquiring Saab Automobile in Trollhättan.”

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    Saab customers in Australia and New Zealand unaffected by sale of Saab Automobile AB. 

    by
    Tom
    Published on 14-06-2012 08:34 PM
    Categories:
    1. Local
    2. International
    3. Saab

    Supply of parts and servicing continues.
    • Saab Automobile Parts AB is not included in the sale of Saab Automobile AB
    • Saab Parts continues to serve Saab customers in Australia and New Zealand with Saab Genuine Parts and aftersales service
    Overnight, the receivers of Saab Automobile AB announced that they had reached an agreement to sell Saab Automobile AB’s assets. At the same time it was announced that Saab Automobile Parts AB which is responsible for global sales and distribution of Saab parts will not be included in the sale. This means that Saab Automobile Parts AB will remain an independent company.

    Since Saab Automobile AB entered bankruptcy, the team at Saab Automobile Parts AB has been working to separate the operations of the two companies and this work is now largely complete. This project has included the formation of a new commercial office in Trollhättan, hiring engineers to provide technical support and forming new international subsidiaries. At the beginning of the year the company launched a subsidiary in Great Britain and last week announced the establishment of a subsidiary in the important North American market. This development and expansion of Saab Automobile Parts AB will continue in the future as the company further strengthens and diversifies its business.

    "We knew it was a possible scenario that the parts company would remain outside the sale of Saab Automobile AB" said Stephen Nicholls, Managing Director of Saab Saab Cars Australia. "I am therefore delighted that the work done by the team in Sweden to support our network of authorized repairers in Australia and New Zealand means we can continue to support our Saab owners. There are about 37,000Saabs on the roads in Australia and New Zealand that we care about. We will continue the work to provide Saab owners with Saab Genuine Parts, service and technical support".
    Saab Automobile Parts ABhas a global network of about 1,200authorized workshops including 23 inAustralia and New Zealand.
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    Engine of the Year Awards 2012: BMW Group Scores With Four, Six and Eight Cylinders 

    by
    Tom
    Published on 14-06-2012 07:33 PM
    Categories:
    1. Local
    2. International
    3. BMW

    Four award-winners spanning a displacement range of 1.6 to 4.0 litres – BMW Group again emerges as the most successful auto manufacturer in the internationally renowned engine contest.

    Unbeaten titleholders and triumphant newcomers have secured the BMW Group’s renewed pre-eminence at the 2012 International Engine of the Year Awards. Powerplants guaranteeing efficient power delivery in current BMW and MINI models topped no fewer than four out of eight displacement categories. The quartet of trophy-winners comprised two four-cylinder engines, a straight-six and an eight-cylinder. Scooping up best-in-class wins were the 1.6-litre turbo unit of the MINI John Cooper S, the four-cylinder engine with BMW TwinPower Turbo technology that drives the new BMW 328i, among others, the straight-six with M TwinPower Turbo of the BMW 1 Series M Coupe, and the V8 under the bonnet of the BMW M3. This year’s winners were selected by an international panel of judges made up of 76 motoring journalists from 36 countries. The Engine of the Year Awards were presented against the backdrop of the Engine Expo trade fair in Stuttgart.
    With these latest accolades, the BMW Group continues its winning streak in the world’s foremost engine competition.

    Thanks to the Group’s outstanding development expertise in this area, it has managed to notch up more than 50 class and overall wins at the International Engine of the Year Awards since 1999. In 2012, yet again, engines of widely differing design created for BMW and MINI models dominated a large number of displacement categories. Moreover, the latest title-winners span an unusually broad output spectrum ranging from 135 kW/184 hp to 309 kW/420 hp.

    The 2012 competition saw the prize in the 1.4-litre to 1.8-litre displacement class handed to the engine that drives the MINI Cooper S, in a reprise of its success last year. The 1.6-litre four-cylinder develops peak output of 135 kW/184 hp with the help of a twin-scroll turbocharger, direct petrol injection and variable valve control based on the BMW-patented VALVETRONIC technology. Among the key attributes of this unit are not only its eager power delivery but also exemplary efficiency for its class.

    Likewise providing enhanced driving pleasure coupled with extremely low fuel consumption and emission figures is the new 2.0-litre engine featuring BMW TwinPower Turbo technology. The 180 kW/245 hp four-cylinder turbocharged unit with High Precision Direct Injection and VALVETRONIC instantly won over the judges to capture the trophy in the 1.8-litre to 2.0-litre category. This engine is currently powering the new BMW 328i Sedan, BMW 528i and BMW Z4 sDrive28i, as well as the BMW X3 xDrive28i and BMW X1 xDrive28i models.
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    ‘Drive of the Dragon’ Final Film Launched Following Global Premiere in Barcelona 

    by
    Tom
    Published on 14-05-2012 05:34 PM
    Categories:
    1. Local
    2. International
    Article Preview




    ‘Drive of the Dragon’, the short martial arts film starring Formula One World Champion Sebastian Vettel, is now available online having been launched in an exclusive screening in Barcelona.

    The film’s premiere, on the eve of the Spanish Grand Prix at the Catalunya circuit, was attended by Formula One paddock insiders, media, and guests of Infiniti. The evening, hosted in the underground cellars of the Ocańa club, also featured a live music performance from Sebastian’s multi-talented film co-star Celina Jade.

    ‘Drive of the Dragon’ is the first of the Infiniti ‘Inspired Performers’ series and sees Sebastian Vettel star alongside martial artist and Hollywood actress Celina Jade.

    The film is searchable online using #driveofthedragon and can be easily viewed/shared from www.driveofthedragon.com or www.infiniti.com/inspired-blog.

    The video can also be downloaded from www.infiniti-performanceteam.com/video.
    There is also a competition on www.driveofthedragon.com for ten lucky entrants to win an official, strictly limited edition film poster.

    Since the 2011 season Infiniti has been a major partner of the Red Bull Racing team and in 2012 the relationship has been deepened with Infiniti featuring even more prominently on the Red Bull Racing RB8 and the overalls of Sebastian Vettel and Mark Webber. Last year Sebastian Vettel was appointed Infiniti’s first ever Global Brand Ambassador.
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    Renault Australia Fourth Largest Mégane R.S. 250 Market Globally in 2011 

    by
    Tom
    Published on 31-01-2012 05:58 PM
    Categories:
    1. Local
    2. Renault
    Article Preview

    Renault Sport has celebrated a sensational 2011 with a global sales increase of 31% world-wide. This strong growth figure was largely driven by international markets with an 86% sales increase outside of Europe. 2011 marked the expansion of Renault Sport to three new markets – Argentina, Chile and Ukraine.

    Australian customers have embraced the multi award-winning Mégane R.S. 250 with open arms; making Australia the fourth largest global market for this striking vehicle in 2011.

    Australia was the 14th largest global market for Renault Sport sales, up 4 places from 2010.

    Stunning from every angle, the Mégane R.S. 250 has enjoyed immediate success in Australia. Several Renault dealerships have traded prestige vehicles – including a Mercedes-Benz C 63 AMG, a Porsche 911 Carrera 4 and an Audi TT S – for the race-bred, performance orientated Mégane R.S. 250.

    In addition, the Mégane R.S. 250 was crowned ‘Drive Car of the Year’ for the second year running in the ‘Best Performance Car under $60,000’ category, after winning the Top Gear Australia Magazine Car of the Year award on debut.

    Commenting on this result, Justin Hocevar, Managing Director Renault Australia, said; “I am thrilled at the success of Renault Sport in Australia. Australians love driver’s cars and clearly the Mégane R.S. 250 has struck accord with driving enthusiasts and Renault fans alike.

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    Fun With Eight, Economy With Four: New V8 Engine – Made By AMG 

    by
    Tom
    Published on 25-07-2011 07:02 AM
    Categories:
    1. Local
    2. International
    3. Mercedes
    Article Preview

    Mercedes-AMG has developed a new 5.5-litre V8 engine which combines powerful eight-cylinder performance with the decidedly economical fuel consumption of a four-cylinder. Unrivalled efficiency is achieved thanks to the AMG Cylinder Management cylinder shut-off system newly developed by Mercedes-AMG. This new technology exclusively developed by AMG is inspired by Formula 1 racing. In the eight-cylinder racing engines developing around 750 hp, cylinder shut-off is likewise used primarily to save fuel.

    Thanks to a fuel saving of around 30 percent compared to the existing AMG 5.5-litre V8 engine, the naturally aspirated, high-revving eight-cylinder demonstrates the great innovative strength of AMG. At the same time it is AMG's demonstration of the potential still residing in the naturally aspirated eight-cylinder engine.

    The distinctive AMG 5.5-litre V8 engine with AMG Cylinder Management and direct petrol injection will find exclusive use in the new SLK 55 AMG, which will celebrate its world premiere at the International Motor Show (IAA) in Frankfurt/Main in September. This means that the latest version of the SLK 55 AMG will remain the only roadster in its segment with an eight-cylinder engine.

    Even with peak output increased by 45 kW to 310 kW and torque increased from 510 to 540 newton metres, the fuel consumption of 8.5 litres per 100 kilometres (NEDC combined, provisional figure) is 3.5 litres less than that of the preceding model – a real quantum leap of around 30 percent which places the new SLK 55 AMG among the top performers in its segment. CO2 emissions have likewise been considerably reduced, as witness the figure of 199 grams per kilometre (NEDC combined, provisional figure).

    New naturally aspirated eight-cylinder closely related to the V8 biturbo

    In line with its "AMG Performance 2015" strategy, Mercedes-AMG is meeting its promise to continuously reduce both the fuel consumption and emissions of new models over the next few years with the new V8 unit – while reaching new heights with the central brand claim of "Driving Performance". Moreover, the performance brand within Mercedes-Benz is also demonstrating its social commitment with the M152.

    The new M152 is based on the AMG M157 5.5-litre V8 biturbo engine presented in 2010, which powers the E 63 AMG, CLS 63 AMG, S 63 AMG and CL 63 AMG. Numerous components and systems are basically identical, e.g. the displacement, bore/stroke, distance between cylinders, stop/start system and direct petrol injection technology. Distinguishing features versus the M157 include the new intake air ducting, new cylinder heads, the modified valve drive, an adapted oil supply system and an optimised crankcase.

    "Top performer for fuel economy and maximum output: with the new 310 kW AMG 5.5-litre V8 engine we have once again created a real masterpiece. The M152 sets an outstanding example for efficiency, while demonstrating the creativity and expertise of our engineers, who took their inspiration from Formula 1 when developing the cylinder shut-off system. This makes the new, naturally aspirated eight-cylinder the perfect power unit for the new SLK 55 AMG, which will celebrate its premiere at the International Motor Show in Frankfurt/Main in the autumn," says Ola Källenius, Chairman of Mercedes-AMG GmbH.
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