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Volkswagen Golf GTE Sport Concept debuts at Worthersee

Do you like hot Volkswagens? So do we. And that's why the annual Worthersee festival in Austria is a treat. It's where the Volkswagen Group shows off some performance-minded concept cars, like the GTI Clubsport or the 600-horsepower Audi TT. But VW wants to show that it's possible to increase performance while still maintaining some eco-friendly dignity. And that's where this striking Golf GTE Sport Concept comes in. The concept is powered by a three-motor plug-in hybrid system. There's a 1.6-liter turbocharged inline-four up front, with electric motors mounted at each axle. Total output is said to be 396 horsepower, which is enough to move the all-wheel-drive hatch to 62 miles per hour in 4.3 seconds, on its way to a top speed of 174 mph. It can drive under full electric power, act as a traditional hybrid, or go into full "GTE" mode, where the engine and both motors are on full assault. Its styling is definitely forward-thinking, with angles and creases abound. But it still retains that signature Golf C-pillar design, with a two-tier adaptation first seen on the outrageous GTI W12-650 concept from 2007. The body is largely constructed from carbon fiber and has doors that swing forward and up (think BMW i8). Volkswagen says the Golf GTE Sport Concept "bridges the gap between road cars and racing sport cars." That's evident inside the car, too. There's a rakish dashboard with a three-tier instrument display setup, and a very aggressive cockpit design for the two-seat cabin. Five-point seatbelts on each chair and a racing-inspired steering wheel really drive home the performance mindset of this concept. There's a lot more to learn in the detailed press release below. Check it out, but not before scrolling through the image gallery above. This one's certainly a looker. World premiere of the Golf GTE Sport: Plug-in hybrid sports car catapults the GT idea to the future - Lightweight and high-strength body of the Golf GTE Sport is made of carbon - Concept car with a top speed of 280 km/h is a zero emission vehicle and a race car in one Five key facts about the Golf GTE Sport: 1. Golf GTE Sport is powered by a 295 kW / 400 PS plug-in hybrid system 2. Progressive Golf GTE Sport bridges the gap between road cars and racing sport cars 3. Avant-garde exterior design of the Golf GTE Sport perfects the idea of C-pillars with two-level construction 4. Golf GTE Sport debuts with digital instruments arranged on three levels and tailored to motor racing 5.

VW CEO under fire after emissions scandal, stock slide

Pressure piled on the head of Volkswagen on Monday in the wake of an emissions-testing scandal that's seen around 15 billion euros ($16.9 billion) wiped off the company's market value. Following revelations that the German carmaker had rigged US emissions tests for about 500,000 diesel cars, VW CEO Martin Winterkorn apologized Sunday for the fact that his company had "broken the trust of our customers and the public." But saying sorry wasn't enough for investors as they digested the financial and reputational implications of the scandal on the world's biggest carmaker by sales – in mid-afternoon trading in Frankfurt, Volkswagen's share price was down a stunning 17.8 percent at a near three-year low of 132.15 euros. Earlier it had tumbled by more than 20 percent. In the wake of Friday's revelations from the US's Environmental Protection Agency, VW has already halted sales of some vehicles in the US and pledged to cooperate with regulators in an investigation that could, in theory, see the company fined up to $18 billion. Industry analysts said the VW CEO faces difficult questions in the coming days, particularly when the company's board is scheduled to meet Friday. "At the moment, I'd be surprised if Winterkorn can ride this out." - Christian Stadler "At the moment, I'd be surprised if Winterkorn can ride this out, but in Germany there's often a slightly slower process in these matters," said Christian Stadler, a professor of strategic management at Warwick Business School who researches the car industry. Stadler said that if VW were a US company, then the CEO would have gone more or less immediately. In essence, Volkswagen stands accused of skirting the US's clean air rules. The EPA said VW used a device programmed to detect when the cars are undergoing official emissions testing. The software device then turns off the emissions controls during normal driving situations, allowing the cars to emit more than the legal limit of pollutants. Guido Reinking, a German auto expert, said that for a company to engage in such blatant trickery the company's top executives would have to be informed. Winterkorn, an engineer by training, led research and development across the VW group from 2007. He became chairman of the management board the same year. "It's almost impossible to imagine that he didn't know about this special way of programming the engine," Reinking told German television station n-tv.

Winterkorn remains CEO of Volkswagen's majority shareholder

Martin Winterkorn may have stepped down as the chief executive of Volkswagen in the wake of the diesel emissions scandal, but he's not out from under the company's large umbrella just yet. In fact, according to a report from Reuters, he still holds four top-level positions not only within the industrial giant's bureaucracy, but at the top of it. And one of those is as CEO of the company's largest shareholder. That holding company is Porsche SE, the investment arm of the Piech and Porsche families (Ferdinand Porsche's descendants) which holds over 50 percent of VW's shares. In 2008, Porsche SE acquired majority interest in the Volkswagen Group which in turn acquired Porsche the automaker – and placed VW's Winterkorn at the head of the executive board of the holding company. Though Winterkorn has resigned from his position as chairman of VW's management board, he has apparently yet to step down from running Porsche SE. That's not the only job that Winterkorn still retains in VW's senior management. He also continues to serve as chairman of Audi, as well as truck manufacturer Scania, and the new Truck & Bus GmbH into which Scania has been grouped together with Man. It remains unclear if or when Winterkorn might resign from those positions as well, or how his tenure in those posts might affect the company's effort to start over in the aftermath of the scandal in which it is currently embroiled. Also unclear, Reuters reports, is how much, exactly, Winterkorn will receive in compensation after having stepped down from his chair at the head of the VW executive board. His pension is reported at over $30 million, but he could be awarded a large severance package as well amounting to as much as two years' worth of his annual compensation, which amounted to around $18 million last year. Whether he receives the severance pay or not is expected to depend on whether his resignation is considered by the supervisory board to have been the result of his own missteps or independent of the situation that resulted in his resignation. One way or another, he's not likely to go poor anytime soon.