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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.

As VW electrifies, it questions the role of Lamborghini, Bugatti, Ducati

FRANKFURT — Volkswagen needs to change to stay relevant in the electric and digital vehicle era and will announce "important steps" to that end before the close of the year, Chief Executive Herbert Diess said on Wednesday. "Volkswagen needs to change: From a collection of valuable brands and fascinating combustion-engine products that thrill customers with superb engineering — to a digital company that reliably operates millions of mobility devices worldwide," Diess told shareholders at the company's virtual general meeting. Vehicles need to stay in contact with customers, offer new services and comfort functions on a weekly or even daily basis, he said. "We will take further important steps to set the course for this in the rest of 2020," Diess said. Senior executives told Reuters the company is reviewing what role its high-performance brands Lamborghini, Bugatti and Ducati will play as the company increasingly focuses on electric, digital and autonomous vehicles. Volkswagen, which also owns VW, Audi, Porsche, Seat and Skoda, is looking at whether it has the resources to accelerate development of electric platforms for smaller brands at a time it is investing billions to transform its more mainstream cars. Asked whether Ducati, which is known for making noisy combustion-engined motorbikes, has an electric future, Markus Duesmann, who oversees research and development for the group, said: "It will not take long until we see an electric Ducati." Whether Ducati, which is a medium-sized premium motorbike brand, would offer an electric variant, depends on whether a bike could offer range comparable to a combustion-engined variant, Duesmann said. Advances are being made in battery technology which could make this possible, he added. Separately Frank Witter, the company's chief financial officer, in response to a question about whether a sale of Lamborghini is planned, said Volkswagen does not comment on speculation about potential divestments. Lamborghini's Chief Executive Stefano Domenicali this week announced his departure from the sports car maker to take on a new job as president of Formula One. VW needs cash Volkswagen is reviewing the future of these three high-performance brands as part of broader quest for more economies of scale as it shifts to mass producing electric cars, senior executives told Reuters.

Lamborghini Aventador SVJ sets Nurburgring lap record

It seems everyone is out to claim a lap record at the Nurburgring. Having a car sit at the top of the Green Hell's lap board is huge point of pride for people. Just scroll through past Autoblog posts about the track. You'll find Porsche, Lamborghini and Nio all claiming lap records in different categories. The Dodge Viper used to hold the crown before falling to faster and more modern cars. There's speculation as to what might break the record in the future. Today, Lamborghini announced that the new Aventador SVJ has broken the production car record with a lap time of 6:44.97 minutes. That's a hair faster than the Nio EP9 lap time from last year. The Nio knocked off the then-new Lamborghini Huracan Performante, so we're sure Nio is eager to get back out and have another go. While the times from Lamborghini and Nio might be impressive, they're way off the actual lap record. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Just a couple of weeks ago, Porsche announced that its 919 Hybrid Evo — an unrestricted version of its Le Mans prototype race car — set a record of 5:19.546. That's nearly a minute and a half faster than road-legal cars. The Aventador SVJ was piloted by Marco Mapelli, a factory-backed race car driver. The car was fitted with cameras and VBOX telemetry equipment to measure and verify the lap time. The Aventador SVJ's record was teased earlier this month with a new video, though a video of the full record-setting lap has yet to be released. Expect something soon, as well as outside verification so we don't get the whole "Lamborghini cheated" back and forth that went on after the Hurcan set its record. Related Video: