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If VW defaults on loans it may sell Bentley or Lamborghini

If something goes catastrophically wrong with Volkswagen Group's recent $21 billion loan, brands like Bentley or Lamborghini could hit the auction block. According to two insiders to Reuters, the beleaguered German automaker agrees with its creditors to sell assets if the company somehow can't pay back the debt in a year. One of these anonymous people claimed the company hasn't yet deliberated over what to sell. However, the sources were willing to speculate that the power engineering portion of Man could be among the first to go. "Volkswagen may also consider divesting luxury car brands Bentley and Lamborghini or motor bike brand Ducati, although these units don't really move the needle," an insider said to Reuters. VW Group negotiated with the banks earlier this week to get the massive loan. The cash is necessary as a buffer in case the automaker doesn't have enough money on hand to repair vehicles or settle upcoming fines. VW would reportedly issue bonds in the spring to begin paying the debt. The company's bills will start racking up quickly in the new year. German authorities mandate a recall there in early 2016, and repair campaigns in the US for the 2.0- and 3.0-liter diesel engines are inevitable. There are also hundreds of class-action lawsuits to settle. The company needs to resolve its CO2 emissions scandal in Europe, too. In response to these financial threats, VW management created a cost-cutting plan to slash the research and development budget by $1.1 billion next year.

Top London design students imagine Bentley in 2050

Imagination is the birthplace of good design. Shapes, curves, and edges are formulated inside an artist's mind before spilling onto a sketchbook page and taking shape as an automobile. The Royal College of Art in London aims to nurture this within its mobility students. In a recent project, vehicle design students of the MA Intelligent Mobility program brainstormed how the future of Bentley Motors would transpire in physical form. The challenge asked, "What will British luxury mean in 2050?" In total, 24 designer hopefuls turned in designs to a judging panel of RCA teachers and members of the Bentley design team. These same teachers also helped the students throughout the process. Of the 24, only four designs were plucked and highlighted, seen in the concept sketches above. Eunji Choi's "Elegant Autonomy," which looks like a mesh between a luxury yacht and a grand piano, took a high-class approach to what driverless cars might look like. Jack Watson's "Stratospheric Grand Touring," the teardrop pod on legs, makes note that without the worry of travel difficulties, home could be literally anywhere. Irene Chiu's "Luxury Soundscapes," seen from the overhead and cockpit views, reimagines a car's cabin as a tranquil safe space. Kate NamGoong's "Material Humanity," which most resembles a current-age car while invoking historic Bentley design, offers a future where the way to stand out from the crowd will be to occasionally drive a combustion engine like "the old days." The rarity of such an engine will form a niche for craft exposed engines, much like is true of high-end watches. We think we like that one best *wink*. The intent for the Intelligent Mobility program is to lead the proclaimed third age of automotive design. It is meant to work toward a future of interconnected megacities, flying cars, driverless vehicles, and sustainable energy and materials. The biggest problem with the future? It'll have new innovations and worse problems even the human mind not be able to imagine. Related Video: Featured Gallery Future of Bentley, Royal College of Art View 16 Photos News Source: Royal College of Art Design/Style Green Bentley Autonomous Vehicles Luxury

VW CEO lost his job over buggy software that delayed new models

It says a lot about the state of the auto industry and where it's going that software problems have cost the CEO of a carmaker his job. Volkswagen ousted Herbert Diess as chief executive officer after severe software-development delays set back the scheduled launch of new Porsches, Audis and Bentleys. This was untenable considering buggy software postponed the debut of VW’s initial rollout of ID models, and customers are still having to drop off their cars at the dealer for updates the company has struggled to make over the air. Sure, Diess also didnÂ’t do enough to make allies and became increasingly isolated due to his hard-nosed leadership style. In his push to transform the company into an electric-vehicle leader, he repeatedly clashed with labor leaders by warning VW was losing out to Tesla and needed to cut thousands of jobs. But failures at the carmakerÂ’s software unit Cariad ultimately eroded DiessÂ’s support from the powerful Porsche and Piech family that calls the shots. Back in December, VW overhauled its management board, stripping Diess of some responsibilities while tasking him to turn around Cariad. While thereÂ’s been a lot of re-arranging since then, Diess didnÂ’t manage to make the issues go away. Discord at Cariad has pushed back the rollout of important new models including the electric Porsche Macan, a high-volume sport utility vehicle for the division thatÂ’s planning an initial public offering in the fourth quarter. AudiÂ’s new line of Artemis EVs has been delayed by around two years to 2027. And VWÂ’s ultra-luxury brand Bentley may not be able to go all-electric by the end of this decade as planned because of the software issues, Automobilwoche reported earlier this month. “Taking over the ship at Cariad seems to have been DiessÂ’s downfall,” said Matthias Schmidt, an independent auto analyst based in Berlin. VWÂ’s solutions to challenges tend to reflect its status as an industrial behemoth: itÂ’s able to throw lots of money and people at its problems. But modernizing the company for the digital age is going to take bringing in talent and building skillsets outside its traditional zones of expertise. Drivers increasingly demand intuitive user interfaces and services that could create new revenue streams, if done correctly. “Software is the key to the future,” TeslaÂ’s Elon Musk tweeted when one of his followers asked about VW switching CEOs. Diess certainly didnÂ’t lack ambition.