Max Auto Updates - 21/10/2009

Fifth Gear hits the Chopping Block?



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It appears that one of the world's most popular automotive TV shows has been axed, as the Daily Mail is reporting. Channel 5 has killed off Fifth Gear.

While details are limited, the newspaper says the decision was unrelated to recent budget cuts. This likely means the show failed to attract enough advertising revenue to warrant further taping. In the last series, Fifth Gear failed to garner one million viewers.

However, Fifth Gear cast member Jonny Smith has stated on his Twitter page, "Thanks to everyone for your compliments and words of encouragement. Remember, FG isn't OFFICIALLY finished. Don't (ever?) believe The Mail."

He continued, "To answer all the tweets about Fifth Gear ending - I don't know who the Daily Mail talked to, but nothing is official. TV is a fickle world."

Originally aired in 2002, Fifth Gear was soon eclipsed by the BBC's highly successful reincarnation of Top Gear.

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Volkswagen wants 49.9% Porsche stake



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An initial agreement between Porsche and Volkswagen allowed for the latter to buy a 42% stake in the former. Now it seems VW's fortunes have improved somewhat and it will instead go for a 49.9% interest. This gives it a much better position should it decide to acquire a full 100% in the sports car maker after the proposed merger of 2011. The transaction is worth €3.9 billion (US$5.8 billion).

Currently the two are cooperating in building certain vehicles. For instance the Cayenne and Touareg SUVs come off the same factory line while Porsche uses VW Group engines like the 3.6-litre V6. VW is also supplying bodies for both the Panamera and Cayenne. Even more synergies will be unlocked as executives try to push greater sales volumes for the once-niche brand. VW CEO Martin Winterkorn says Porsche could sell as many as 150,000 vehicles annually by 2013, effectively doubling its 2008 volumes.

Volkswagen is already Europe's biggest carmaker and is currently nipping at GM's heels for the title of world's second largest. The merger or full buyout will see it controlling potentially-competing prestige brands like Lamborghini, Bentley, Bugatti and of course Porsche.