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VW stock plummets as Euro markets open

The fallout from Volkswagen's installation of an emissions "defeat device" on nearly 500,000 diesel-fueled models in the US is already hitting the automaker hard on the German stock exchange. At one point, the share price plummeted 23 percent to erase the equivalent of $17.6 billion in value. Things eventually bounced back slightly to a still severe 19.23 percent loss, according to Bloomberg as of this writing. The scandal couldn't come at a worse time for chairman Martin Winterkorn. The VW supervisory board takes up the issue of renewing his contract on September 25, Bloomberg reports. If things get bad enough, the door could be open for a new boss to step in. Dealers in the US might start feeling the pain from this, as well. Affected 2015 VWs that are still at showrooms are now under a stop sale. Until the issue is straightened out, the Environmental Protection Agency isn't certifying the company's 2016 diesel models with the 2.0 TDI, either. The diesel emissions problem was first discovered by research from West Virginia University and the International Council on Clean Transportation. In some cases, the engines can produce 40 times more nitrogen oxides than allowed. The automaker could be on the hook for $18 billion in fines for the breach, but the actual figure is expected to be lower. In response, Winterkorn has issued a public apology and ordered an independent investigation into what happened. The EPA and California Air Resources Board have also been looking into the situation. This could become an international problem, though. According to The Detroit News, European authorities might begin similar inquires to check the automaker's diesel emissions there.

Volkswagen may 'carve out' Lamborghini to list on the stock exchange

FRANKFURT — Volkswagen is drawing up plans to set up Lamborghini as a more independent unit, and is discussing long-term supply deals that could make it easier to list it on the stock exchange, two sources familiar with the matter told Reuters. "Volkswagen is in the process of carving out Lamborghini, and to organize future supply and technology transfer deals," one of the sources familiar with the matter told Reuters. The Italian sportscar brand, which is currently a division of Audi, could be partially listed, with Volkswagen retaining a controlling stake, the first person familiar with the talks said. There is no formal decision to divest Lamborghini, a second source said, adding that the timetable of any deal remained unclear. "This is a first step which gives VW the option to list the unit further down the line," the second source told Reuters. A third source familiar with the discussions said the future of Bugatti, Lamborghini and Ducati was discussed during a supervisory board meeting last Friday. The possibilities for how to electrify the Lamborghini and Bugatti brands through partnerships and investors was discussed, the third source said. Bankers and potential cornerstone investors in an IPO have been approached by the carmaker, the sources said. Volkswagen declined to comment. Volkswagen Group's Chief Executive Herbert Diess on Wednesday said the carmaker will announce "important steps" about the company's future before the close of the year. Volkswagen is reviewing what role its high-performance brands Lamborghini, Bugatti and Ducati will play within the multi-brand carmaker as part of broader quest for more economies of scale, senior executives told Reuters. A global clampdown on combustion-engined vehicles has forced carmakers to accelerate development of low-emission technology for mainstream models, leaving Volkswagen managers struggling to find resources to electrify low volume sportscar models. Related Video:

Audi TT offroad concept wirelessly charges E-Tron quattro powertrain

Audi has been diving deep into the concept ideas pool for a while now, with out-there auto-show-only vehicles like the off-road Nanuk Quattro Concept (last year's Frankfurt Show) and the TT-previewing Allroad Shooting Brake (Detroit earlier this year). The automaker has also been hinting at wireless charging through its work with WiTricitiry and the Urban Concept Sportback from Frankfurt 2011. The latest evolution of these ideas is the brand-new Audi TT offroad concept show car, which makes an appearance at the Beijing Motor Show this weekend after being teased earlier this month. Putting wireless charging into an off-road body makes little sense at first glance - after all, if you're heading out into the wild, you'll be lucky enough to find a standard outlet - finding an in-ground induction pad will be near-impossible. Thankfully, we don't need to worry ourselves with this sort of logical conflict, since this is once again an auto show study. The powertrain is capable of 408 hp and 479.2 lb-ft of torque as well 123 MPGe. And that means interesting powertrain details, like a plug-in hybrid E-Tron quattro powertrain that uses two electric motors (one rated at 40 kW for the front axle, the other at 85 kW for the rear) and can even dispense with the plug part thanks to Audi Wireless Charging technology. The powertrain is capable of a total system output of 408 horsepower and 479.2 pound-feet of torque as well as a provisional fuel efficiency of over 123 miles per gallon equivalent. All with the ability to hit 100 kilometers per hour (62 miles per hour) in 5.2 seconds and a top speed of 155 mph. All-electric range is pegged at 31 miles thanks to a 12-kWH lithium-ion battery. More details than you can shake a stick at are available below. Audi says the TT offroad concept, which blends both coupe and compact SUV, could be a preview of "a new model in a future TT family," so if you've been hoping for another entry in the growing crossover coupe segment, tell Audi you'd like to see this in the real world some day. The Audi TT offroad concept show car Study combines the sportiness of a coupe with the utility of a compact SUV Powerful and efficient e-tron quattro drive with Audi Wireless Charging technology Prof. Dr.