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Jay Leno welcomes Emory's outlaw Porsche 356s

Classic cars can have a lot of character, but purposely passing up on some of the enormous advancements made to the automobile over the decades since those classics were made can be a difficult proposition. That's where restomodders like Emory Motorsports come in. Emory specializes in customizing Porsche 356s, modifying them to their clients' specifications and giving them an added dose of performance and refinement, all without losing that timeless appeal. The LA-based company is headed up today by third-generation Southern Californian gearhead Rod Emory. After seeing some examples of his work out on the road, Jay Leno invited Rod by the garage along with a pair of his company's custom creations. Both are based on 356 coupes from the late 1950s, but take pretty different approaches in their comprehensive restoration and extensive modification. Since classic Zuffenhausen enthusiasts are notorious for their rigid adherence to originality, Emory's modified 356s are deemed to be "outlaws" by many on the vintage Porsche scene. But they've also gained quite a following, similar to what Singer has done with 911s. Whether you're more inclined to cling to authenticity along with the purists or embrace the novelty espoused by the restomodders, after scoping out these irresistible specimens, you'll have to admit that Emory does some pretty compelling work. Watch the 25-minute video clip above to see what we mean, and check out Petrolicious' profile of the same company's work from last year for another look.

Lamborghini could be sold or spun off from the Volkswagen Group

Volkswagen is reportedly considering a sale or stock listing for its high-end Lamborghini brand. The German automaker is looking to fold the Italian supercar brand into a separate legal entity, reports Bloomberg, which cites "people familiar with the matter" who don't want to be identified "because the deliberations are confidential and no decisions have been made." Any of this sound familiar? The goal of spinning off Lamborghini would be to stockpile more cash and other resources for VW's massive planned push into electric vehicles. Back in March, reports circulated that Volkswagen's "Vision 2030" corporate plan might include plans to focus on the brand's core brands — VW, Audi and Porsche. That means the futures of fringe players like Lamborghini, Bentley, Bugatti, motorcycle brand Ducati and design firm Italdesign (and note this isn't a comprehensive list of brand's under the expansive VW Group umbrella) are up in the air. VW, according to the report, is targeting a market value of $220 billion, which is a big jump from the brand's current $89 billion valuation. Bloomberg pegged Lamborghini's valuation at around $11 billion back in August, buoyed by sales and profits generated by the introduction of the Urus sport utility vehicle. On the flip side, Lamborghini is currently grappling with how best to update its supercar lineup in the face of ever-increasing emissions regulations.

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