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VW pulls Lamborghini and Bentley from the Paris Motor Show

It's been slightly more than a year since the news that Volkswagen had intentionally cheated on diesel emissions testing broke. Since then, the company's reputation and image have suffered and it has struggled to regain its footing and composure. The automaker is shelling out billions in fines, so cost cutting is inevitable. Today, Reuters reports that Volkswagen subsidiaries Lamborghini and Bentley won't bring their elaborate displays to the Paris Motor Show next week. Auto shows can cost automakers millions of dollars, especially for supercar and luxury car brands that constantly try to compete and one-up with each other. Much of the money and fanfare goes to catering the media, and if an automaker has nothing new to reveal it can be difficult to justify the expense. The company told Reuters that it plans to attend smaller events that focus more on potential buyers. The Volkswagen group as a whole has shifted it's focus, both when it comes to products and auto shows like Paris. Next week, the automaker will be focusing on electric vehicles and electromobility. The company plans to reveal a new EV with 373 miles of range, eclipsing both the Tesla Model 3 and Chevy Bolt. Volkswagen has plans for 30 new electric vehicles by 2025. Lamborghini and Bentley aren't the only major automakers skipping Paris. Ford, Volvo, and Aston Martin have all decided to save money and focus their efforts elsewhere. Related Video:

Volkswagen continues hunt for new chairman

Volkswagen is going to need a new chairman. And the question is not only who that will be, but when he or she will be selected. The German automaker held its Annual General Meeting in Hannover yesterday, the first in a baker's dozen years without Ferdinand Piech presiding as chairman. The gavel was wielded instead by Berthold Huber, a labor representative on the board who was named as interim chair. Piech was ousted along with his wife Ursula (who also sat on the board) after a failed attempt to push out Martin Winterkorn as CEO. According to Winterkorn, in speaking with Reuters in an article published by Automotive News, the industrial giant is working hard at finding a new chairman in short order. "The executive committee and the supervisory board are working hard to swiftly resolve the remaining issues with regard to the composition of the supervisory bodies in the best possible manner," Winterkorn said. The publication's German counterpart, however, paints a different picture. Speaking with Stephan Weil, the president of Lower Saxony who sits on the board as a shareholder representative, Automobilwoche says Volkswagen is in no rush to name a new chairman. The truth is probably somewhere in the middle. What is clear, however, is that the new chairman will need broad support from the company's labor representatives as well as its shareholders – including the Porsche and Piech families and government representatives from Lower Saxony and Qatar. Porsche Automobil Holding SE holds 50.7 percent of the company's shares, the State of Lower Saxony another 20 percent, Qatar 17 percent and the remaining 12.3 percent by other shareholders. Some have speculated that Winterkorn could be promoted to the chairmanship of the Supervisory Board, but could end up having his term as chief executive (and chairman of the managing board) extended instead, with the chairmanship going to another candidate. Related Video:

VW close to decision on selling Bugatti to Rimac

FRANKFURT — Electric hypercar maker Rimac Automobili and Volkswagen's supercar brand Bugatti are a good technological fit, Porsche's CEO told German weekly Automobilwoche, fueling hopes that a deal between the two could happen soon. British automotive magazine Car last year reported that Volkswagen was on the verge of selling Bugatti to Rimac Automobili, citing sources. In exchange, Porsche, also owned by Volkswagen, would raise the 15.5% stake it owns in Rimac, founded by Croatian entrepreneur Mate Rimac, Car said. "At the moment there are intense deliberations on how Bugatti can be developed in the best possible way. Rimac could play a role here because the brands are a good technological fit," Porsche CEO Oliver Blume said. "There are various scenarios with different structures. I believe that the issue will be decided by the group in the first half of the year," said Blume, who also sits on the management board of parent Volkswagen. Rimac has developed an electric supercar platform, which he supplies to other carmakers, including Pininfarina. Blume also confirmed higher savings targets for Porsche, saying the carmaker plans to support results by 10 billion euros ($12.1 billion) of cost cuts by 2025, up from 6 billion previously. Related Video: