My 02 vw passat 4motion died. There was a strange smell and I lost the steering and the battery came on. I immediately thought the serpentine belt but reading these forums thought maybe timing belt??
Could be, you'll have to open the hood and find out. My bet is on the Serpentine belt. The belt might not have broken and maybe just was slipping on the pulleys making a burning smell. Inspect your belt tensioner and pulleys. If this happened, you would loose power steering and battery because your alternator is run off the serpentine belt.