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VW has received several tentative bids for Ducati

Italy's Benetton family is vying with motorbike firms and buyout funds for control of Italian motorcycle brand Ducati, which is being sold by Germany's Volkswagen, sources involved in the process told Reuters. Volkswagen, whose Audi division controls Ducati, has received several tentative bids with the Benetton family's investment vehicle Edizione Holding valuing the Monster motorbike maker at $1.2 billion, one of the sources said. As well as Edizione Holding, U.S. buyout fund Bain Capital, which owns a stake in Ski-Doo snowmobiles maker BRB, and two Indian motorbike firms, Eicher Motors and Bajaj Auto, have also bid for Ducati, the sources said. Indian carmaker Eicher controls Royal Enfield, a motorcycle brand established in 1893 which ranks as one of the oldest. Strategic bidders also include U.S. automotive firm Polaris Industries, which earlier this year said it would wind down its struggling Victory Motorcycle brand. A shortlist of bidders for a second stage of the auction could be selected as soon as Saturday, two of the sources said. Volkswagen adviser Evercore has a long list of bidders including private equity funds such as Ducati's previous owner Investindustrial, CVC Capital Partners, Advent and PAI, all hoping to outbid industry players, the sources said. If it gets to the second round, Edizione Holding could seek to form a consortium with a financial investor, two of the sources said, in a bid to secure control of Ducati, whose racers have won the Superbike world championship 14 times, with Carl Fogarty and Troy Bayliss its most successful riders. Audi, Edizione Holding, Investindustrial, Advent and PAI declined to comment, while the other interested groups were not immediately available for comment. PRICING CHALLENGES For some buyout funds, Ducati's valuation of up to $1.4 billion – which sources said is based on a multiple of more than 10 times its core earnings of roughly 100 million euros – is a tall order as they lack the synergies that some motorbike makers could achieve. But Investindustrial founder Andrea Bonomi, who sold Ducati to Audi for about 860 million euros in 2012, is serious about a comeback, one of the sources said. China's Loncin Motor was among a group of industry players that initially showed interest in Ducati, alongside Harley-Davidson. The latter has, however, decided against making a bid due to Ducati's price tag, while it could not be established if Loncin Motor had carried on bidding.

Recharge Wrap-up: Tesla Model S full speed, Pheonix EVs at LAX

A Tesla Model S driver shows what it's like to maintain about 125 miles per hour on the German Autobahn. In the video, Bjorn Nyland records his trip from a stop at a Supercharger 25 miles to the Danish border while driving about 200 kph for about 12 minutes. Upon entering the Autobahn, he hits the limiter at about 212 kph, or almost 132 mph. As he's driving, the car's estimated driving range adjusts for his speed, and he quickly loses quite a few miles. He doesn't care, though. He's having fun. See the video above, and read more at Inside EVs. Phoenix Cars has provided an Electric Shuttle Bus to an airport parking company at the Los Angeles International Airport. As LAX's first electric shuttle bus, it is expected to run two shifts seven days a week, saving more than 60 tons of CO2 emissions yearly. The electric shuttle bus will be on display from June 29 to July 2 at the International Parking Institute Conference and Expo in Las Vegas. Phoenix also recently supplied its ZEUS electric flatbed to the US Navy. Read more in the press release below. Ballard will operate a fleet of eight hydrogen-powered buses in London for an additional five years. Transport for London uses the buses, powered by Ballard fuel cell technology, for its central Covent Garden-Tower Gateway route. The first five buses went into service in 2010 as Transport for London aimed to reduce CO2 emissions by 60 percent from 1990 levels by 2025. The three additional buses joined the fleet in 2013. "This contract extension is a positive endorsement of zero-emission fuel cell technology in transit applications, based on the demonstrated performance of these buses over the past five years," says Ballard Chief Commercial Officer Steve Karaffa. "Clean transportation is a growing concern for transit authorities globally and our fuel cell modules deliver a proven solution." Read more from Ballard. Volkswagen and SAIC are expanding electric vehicle operations in China. The partners will expand the main Shanghai Volkswagen plant to build electric vehicles. "Over the next four years, we plan to localize more than 15 different electric vehicle models in China, including plug-in hybrids and fully electric vehicles," says Volkswagen's Prof. Dr. Jochem Heizmann. Volkswagen will also step up fuel cell and plug-in hybrid research in China. In about four years, Volkswagen will build a new EV, based on the popular Lavida, at the Anting plant outside of Shanghai. Read more from Volkswagen.

VW was 2018's top-selling automaker — but

TOKYO — Volkswagen Group has held on to its position as the world's top-selling automaker for the fifth year in a row, although the German group was edged out again by the Renault-Nissan-Mitsubishi alliance in the light-duty vehicles segment. Renault SA, Nissan Motor Co Ltd and Mitsubishi Motors Corp together sold 10.76 million passenger cars and light commercial vehicles in 2018, according to Reuters' calculations after new data released on Wednesday. The group doesn't sell heavy trucks. Nissan said on Wednesday it sold 5.65 million vehicles last year, down 2.8 percent on the year. Mitsubishi reported an 18 percent rise in sales to 1.22 million units while Renault sold 3.88 million units, up 3.2 percent on the year. Volkswagen's deliveries rose 0.9 percent to a record 10.83 million last year, including its MAN and Scania heavy trucks, the German company said earlier this month. Excluding heavy trucks, it sold 10.6 million units. Toyota Motor Corp retained its third spot, announcing on Wednesday that it had sold 10.59 million vehicles last year including its Toyota and Lexus brands, along with minicars made by subsidiary Daihatsu and light and heavy trucks produced by its truck division Hino Motors Ltd. Excluding Hino trucks, Toyota sold 10.39 million units last year. The automaker has said it expects to sell a total of 10.76 million vehicles in 2019. Many automakers are trying to boost sales volumes to achieve economies of scale and reduce costs amid soaring investments needed to develop next-generation technologies, including self-driving cars and electric vehicles. This has been a focus of the Renault-Nissan-Mitsubishi Motors group, which is looking to share more vehicle parts and consolidate production platforms to trim R&D and manufacturing costs, while raising profitability. The alliance, which brought Mitsubishi Motors into its fold in 2016, is currently in crisis with its former Chairman Carlos Ghosn arrested and indicted on charges of misconduct. Nissan has also been indicted, and Renault appointed new top management last week. Related Video: Earnings/Financials Mitsubishi Nissan Toyota Volkswagen