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EVs still burning aboard ship carrying luxury cars near Azores

LISBON — Heavy tug boats on Tuesday sprayed water on a burning ship carrying thousands of Porsches and Bentleys adrift off the coast of Portugal's Azores islands, the ship's manager said in a statement. The Felicity Ace, carrying around 4,000 vehicles including Porsches, Audis and Bentleys, some with lithium-ion batteries, caught fire on Wednesday last week. The 22 crew members on board were evacuated the same day. Ship manager Mitsui O.S.K. Lines Ltd (MOL) said in a statement the vessel was still on fire but stable, and that no oil leak had been reported so far. It also said the ship was drifting further from the Azores islands in the Atlantic Ocean. Two large tug boats equipped with firefighting gear arrived from Gibraltar on Monday, and were working with another patrol boat to spray water at the Felicity Ace and cool it down, MOL said. The arrival of two other tug boats with more firefighting equipment is scheduled for Feb. 23 and Feb. 26. "Together with the all relevant parties, MOL is making every effort to contain the damage and resolve the situation as soon as possible," MOL said. Joao Mendes Cabecas, the captain of the nearest port on the Azorean island of Faial, said on Sunday the fire had lost its intensity, probably because there was little left to burn. Cabecas said as the fire subsides and the structure cools down, firefighting teams and technicians might be able to board the vessel to prepare to tow it either to Europe or the Bahamas. "When conditions are safe the salvage team will board the Felicity Ace for an initial assessment," MOL added. Cabecas told Reuters over the weekend the lithium-ion batteries in the electric vehicles were "keeping the fire alive." It was not clear whether the batteries had caused the fire. MOL did not immediately respond to a Reuters request for comment on the cause of the fire. Volkswagen, which owns the car brands, said on Monday it did not have any further information to share. Green Bentley Porsche Volkswagen Electric Luxury ev fire

2016 Porsche 911 GT3 RS First Drive [w/video]

Imagine a regular Porsche 911 GT3 in your garage, parked next to a brand-new, no-options Boxster. Now imagine your garage with just a 911 GT3 RS inside. From a cost standpoint, you could have either for roughly the same amount of money. Trying to figure out if the RS goodies are worth the $50,000 over a standard 911 GT3 – roughly the price of that no-frills Boxster – might drive you mad. We're trying to suss this out at 120 miles per hour on the long downhill back straight at Road Atlanta. It's pouring. Rivulets of water are streaming across the track. Ahead, in a 911 Turbo leading the pack, is Le Mans- and Daytona-winning driver David Donohue. He's helpfully warned us to avoid nipping the curbing, since that's where water pools. Hydroplaning could end someone's day. Through the blinding spray, Donohue mercifully has reduced the pace. There's enough speed to evaluate what the GT3 RS does well, which is essentially everything. There's also enough time to figure out what sort of sports car this is. Horsepower swells to an even 500 and torque to 338 pound-feet – bumps of 25 hp and 14 lb-ft over the GT3. As is fitting and proper for the traditional sports car par excellence, at the top of the large and expensive 911 heap is the GT3. While the base is shaken by the encroachment of turbocharging on basic 911 models, the summit is, like mountain air, all-natural. The GT3 was subject to a beyond-galling recall due to faulty con-rods with a penchant for ventilating crankcases and starting catastrophic fires, but storms crash upon every peak. Progress is inevitable for German engineers. The GT3 RS is the 911 reforged in those embarrassing fires. The GT3 itself was a false summit, but the RS is the real deal. Underneath the very purple bodywork, this is a lither and more athletic thing than the already superb GT3. Lightweighting is accomplished with a healthy dose of carbon fiber on the engine cover and the frunk. The roof, with a slick-looking depressed slash running longitudinally, is made of magnesium. That serves to lower the center of gravity, Porsche assures us. Even the rear silencer is made of titanium. In total, the RS is 22 pounds lighter than the GT3 it's based on – seemingly small gains considering all the exotic materials, but less so considering what's been added back. The RS is also more powerful, thanks to a 200cc displacement increase.

Bugatti and Rimac joint venture profitable 'beyond expectations'

WARWICK, England — The joint venture between Croatian electric carmaker Rimac and Bugatti has been far more profitable than anticipated as the two brands work on developing vehicles together under one roof, Rimac's top executive said on Wednesday. "It's highly profitable and cash flow positive beyond anybody's expectations," Rimac CEO Mate Rimac told Reuters in an interview at the UK offices of the carmaker's Rimac Technology unit in Warwick. "It's such a win-win situation for everybody." Rimac added the joint venture has brought "lots of synergies going both ways." The Rimac Group comprises the Bugatti-Rimac JV, producing the electric sportscar Nevera and the Bugatti Chiron — which is owned 45% by Porsche AG — and a technology unit which supplies battery systems and powertrain components to other carmakers. Earlier this year the group raised 500 million euros ($519 million) in a new funding round. Rimac's CEO said the company has developed a "really close strategic relationship" with Porsche, which was listed by its parent Volkswagen in October. Porsche holds a 20% stake in the Rimac group. "We are really collaborating on many levels, developing and producing lots of key elements of their (Porsche's) future hybridization and electrification," he said. Rimac's CEO said the group must become more like Ferrari with a predictable, stable and profitable business before it can contemplate an initial public offering. "They (Ferrari) make projections and they always achieve," he said. "What I want to have is some kind of stability and certainty before we do an IPO because we don't want to make promises we can't keep." An IPO could happen anytime from three years to a decade from now, and could involve going public as a group or spinning off a unit, he said, but is definitely coming because "we obviously have financial investors that at some point want to exit." Related video: Earnings/Financials Green Bugatti Porsche Electric Luxury Performance Supercars Rimac