VW to Unveil New Phaeton Luxury Car in January?

Volkswagen AG tells Bloomberg News it may roll out the next generation version of its Phaeton luxury sedan at the Detroit auto show in January.

VW introduced the Phaeton an $85,000 car personally championed by Chairman Ferdinand Piech in 2002. At the time, the company predicted annual worldwide sales of 20,000 units, including 3,000 in the U.S.

But global demand never approached that level. Phaeton sales in the U.S. totaled fewer than 800 units in 2005, and VW withdrew the model from the American market in 2006. The car continues to be offered in Europe and other markets.

VW has been saying for the past three years that it intended to reintroduce the Phaeton, the largest car in its lineup, in U.S. when the current model is redesigned. Previous media reports predicted that a revamped model would debut in 2015.

The new car will share its platform with the A8 large sedan produced by VW's Audi unit, unnamed sources tell Bloomberg. The news service predicts the new Phaeton will sell for more than $60,000 but less than the $75,100 A8.