FOR IMMEDIATE RELEASE:
Wolfsburg/Detroit Seal Deal on Kappa
Detroit Michigan – April 1, 2010 - General Motors and Volkswagon announced on Thursday, the transfer of all intellectual property, production, and designs for GM's Kappa architecture to Porsche Automobil Holding SE. The Kappa architecture, originally developed to support the now defunct Pontiac & Saturn branded Solstice & SKY, is an award winning roadster architecture with a solid sports pedigree. When asked the purpose of the transfer, Volkswagon Group CEO Martin Winterkorn stated it was part of an ongoing product strategy to increase Porsche's production numbers and expand the "bottom line". Porsche already has a concept under development that fits the Kappa, but is keeping it a closely held secret. Michael Macht, CEO of Porsche noted the objective was to offer a Porsche feel in a lightweight package without diluting the existing Porsche heritage, hinting at a new badging paradigm. GM CEO Ed Whitacre felt this was a win-win situation as it provides GM an extra cash infusion and unloading of idle tech, while providing Volkswagon a ready fit architecture to quickly bring new automotive products to market.