Lamborghini Urus, Courtesy: Lamborghini Ltd.

The luxury Italian carmaker, Lamborghini Ltd., officially unveiled its new sport-utility concept vehicle, the Lamborghini Urus, in Beijing, days before the annual Beijing auto show.

The Lamborghini Urus is the first real attempt by Volkswagen AG (parent firm) to produce a full production super-car SUV.

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Update: Porsche has confirmed today that it has rejected the Volkswagen ultimatum.

Volkswagen has proposed an offer to rival German carmaker Porsche that would eventually lead to a merger.

Under the proposed plan, the Gulf state of Qatar will get up to a 20 percent stake, Lower Saxony 20 percent, and the two Porsche owners (Porsche and Piech families), would get 40 percent of the newly merged company.

On January 7, 2009, Porsche announced it upped its stake in VW to 50.8 percent and made it clear it wanted financial control over VW with its goal of reaching a 75 percent stake in the firm.

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German sports carmaker Porsche has made EUR 6.8 billion by buying long Volkswagen options. The money was made in only six months ended Jan 31, 2009.

Porsche went long in VW while others shorted the company, including German billionaire Adolf Merckle, 74, who lost $400 million by shorting the VW shares, who later apparently committed suicide by stepping into the path of a train in his home town of Blaubeurennear in southwestern Germany. Read the full story