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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:

Lamborghini highlights Aventador successor's carbon fiber chassis

Earlier in March 2023, Lamborghini detailed the gasoline-electric hybrid drivetrain that will power the Aventador's successor. We still don't know what the model (which is called LB744 internally) looks like, but the firm revealed one way it kept the hybrid system's weight in check. Lamborghini built the LB744 around a new chassis called a "monofuselage" that consists of a carbon-fiber monocoque and a front structure made with Forged Composites, an innovative material the company has used since 2008. While the now-retired Aventador featured a carbon-fiber monocoque as well, its front structure was made with aluminum. Switching to a composite structure unlocks many advantages: It's 20% lighter than the Aventador's front structure, and it helps make the overall monofuselage 10% lighter than the Aventador's chassis. Out back, the structure that the engine, the transmission, and parts of the hybrid system are mounted on is built with high-strength aluminum alloys. It incorporates a pair of hollow castings that the rear suspension system's shock towers and the powertrain's suspension system are integrated into. Here again, this layout saves weight by reducing the number of parts that need to come together to assemble the car. Power for the LB744 comes from a gasoline-electric plug-in hybrid drivetrain that consists of a new, 6.5-liter V12 engine located directly behind the passenger compartment, an eight-speed dual-clutch automatic transmission mounted transversally behind the engine, a small electric motor integrated into the transmission, two electric motors on the front axle (one per wheel), and a 3.8-kilowatt-hour lithium-ion battery pack housed in what was previously the transmission tunnel. The system's total output checks in at 1,001 horsepower. This layout delivers through-the-road all-wheel-drive, meaning that there's no mechanical connection between the front and rear axles. Lamborghini will unveil the LB744 in "a few weeks." Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 2021 Lamborghini Aventador LP 780-4 Ultimae inside and out

Florida Man accused of buying Lamborghini with coronavirus relief funds

We'll preface this by saying that when things work as they're meant to, we don't hear about them. When it comes to the Paycheck Protection Program, created as part of the CARES Act in March to provide loans to businesses to pay employees during the coronavirus lockdown, that means many jobs were saved but we also get stories of honest businesspeople unable to get loans or blackguards abusing the program. This story is the latter. David T. Hines, a 29-year-old Miami man with four businesses, applied for PPP funds in May. He received about $3.9 million in loans, and blew about $500,000 of that before the government began investigating and his bank froze his accounts. Instead of applying for loans to cover monthly expenditures of about $200,000 among his four moving-related companies, the feds say, Hines' four applications through Bank of America claimed combined monthly expenses of $4 million to pay 70 employees. BofA approved three of the four submissions. After the government made its first of three planned deposits of $3,984,557 into Hines' Bank of America account, Hines continued requesting more money, authorities say, ultimately seeking $13.54 million.  The spending began almost immediately after the PPP disbursement. As far as the government could tell by going through Hines' records, none of the money was spent on employees who "either did not exist or earned a fraction of what Hines claimed in his PPP applications.” Instead, officials say, Hines picked up a blue Lamborghini Huracan Evo for $318,497. He paid a person he listed as "Mom" $60,000. Saks Fifth Avenue got another $4,000. In June, $8,500 went to the Graff jewelry boutique, and $7,000 went to Miami's Setai hotel. The disbursement problem has arisen because the Small Business Administration that backs the PPP loans doesn't verify the claims in the applications, according to Assistant U.S. Attorney Michael Berger. How did Hines get caught, then? He got into a hit-and-run accident in his blue Lamborghini in July, and Miami police impounded the car. That eventually attracted investigation from no less than six governmental departments: the FDIC-OIG, USPIS, IRS-CI, the SBA-OIG, the Board of Governors of the Federal Reserve System, and the Bureau of Consumer Financial Protection-OIG. The U.S.