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Porsche board members facing another ˆ1.8B lawsuit over VW takeover bid

Back in 2008, Porsche got the bright idea that it could take over Volkswagen in the midst of the worst economic slump since the Great Depression. Ignoring that this was a catastrophic move for the Stuttgart sports car manufacturer that that eventually resulted in it nearly going bankrupt and eventually being taken over by the same company it sought to control, the aftermath has left Porsche Chairman Wolfgang Porsche and board member Ferdinand Piëch in the crosshairs of seven hedge funds that lost out during the takeover and are now seeking €1.8 billion - $2.43 billion US - in damages from the two execs, according to the BBC.
See, investors bet on Volkswagen's share price going down, partially because Porsche said it wasn't going to attempt a takeover. But Porsche was attempting to take over VW, having bought up nearly 75-percent of VW's publicly traded shares. When word broke that Porsche owned nearly three-quarters of VW (which indicated an imminent takeover attempt), rather than go down like the hedge funds bet it would, VW's share price skyrocketed to over 1,000 euros per share, according to Reuters.
Naturally, when you bet that a company's share price is going to drop and it in turn (temporarily) becomes the world's most valuable company, you lose a lot of money, unless you're able to buy up shares before prices jump too much. This led to a squeeze on the stock, which the hedge funds accuse Porsche and Piëch (who are both members of the Porsche family and supervisory board) of organizing.

Recharge Wrap-up: Lucky fan to drive Porsche 918 Spyder, Avis Denmark has 861 Nissan EVs

A Tesla Model S customer shares his story of ownership over the course of 120,000 miles. Dante Richardson describes new software updates as being akin to anticipating the prize in a box of Cracker Jacks. Over the many miles he's driven the car, he has only learned to enjoy it more. "I don't know if it's the software updates or some of the other changes that have occurred with the car, but I find myself increasingly enamored and happy with the car as time has passed," Richardson says. His Volvo C70, in the meantime, usually sits idle as he opts to drive the Tesla. Read more at Tesla's website. A Facebook fan from Austria has won the opportunity to drive the Porsche 918 Spyder more than 622 miles. As part of a celebration for Porsche accumulating 10 million likes on the social media platform, Ingo Georges Vandenberghe will drive from London to the Porsche Experience Centre at Silverstone, via Wales and the Cotswolds, stopping occasionally to have other fans meet up to see and sign the car. It's a rare opportunity for the lucky driver, as every example of the high-performance Porsche hybrid has been sold. Read more at Hybrid Cars, and learn more about the celebration at Porsche's microsite. Avis Denmark now has the largest fleet of Nissan electric vehicles in Europe. The company has ordered 401 new Nissan e-NV200 vans and 60 Nissan Leafs for its leasing scheme. This is in addition to the 400 Leafs the Avis added to its fleet last year. "We had great success already with the Nissan Leaf in Denmark and we leased all of the units we purchased from Nissan very quickly, which has led to us ordering more," says Kasper Gjedsted, managing director of Avis Denmark. "To follow up that success we have decided to add the e-NV200 vehicle to broaden our offering and appeal to new types of customers." Read more in the press release below. AVIS ORDER CREATES EUROPE'S LARGEST FLEET OF NISSAN ELECTRIC VEHICLES - AVIS Denmark orders 401 Nissan e-NV200 vans and 60 Nissan LEAF electric cars - Combined with last year's order of 400 LEAFs, Avis now has largest EV fleet in Europe Copenhagen, 29th April 2015 - Nissan and AVIS Denmark have signed a deal to create the largest fleet of Nissan electric vehicles anywhere in Europe, with a new order of 401 Nissan e-NV200 vans and a further 60 units of the 100 percent electric Nissan LEAF.

Porsche names new chief for North America

Porsche has named a new president and CEO for its North American division. The role will now fall to Klaus Zellmer, named by the executive board back in Stuttgart, and slated to take effect at the beginning of November. Zellmer's appointment is just the latest round in an ongoing game of musical chairs (or Reise nach Jerusalem as the Germans call it for some reason) underway in the Volkswagen Group at large and in the Porsche division specifically. In the wake of the diesel emissions scandal, Porsche CEO Matthias Muller was promoted to replace Martin Winterkorn as head of the entire group. Porsche's own production chief Oliver Blume was named as Muller's replacement. Sales and marketing chief Bernhard Maier moved to the Czech Republic to run Skoda, and Detlev von Platen – who served until now as the president and CEO of Porsche Cars North America – was recalled to Stuttgart to take Maier's place. Now Zellmer has been named as von Platen's successor in Atlanta. Schooled in Germany, the UK, and the US, Zellmer has until now been responsible for overseas and emerging markets for the company. In that capacity he's overseen regional operations in Asia-Pacific, South America, the Middle East, and Africa, as well as Australia, Japan, and Korea. He previously ran operations in Porsche's home market, where he nearly double the company's sales in less than five years. Of course his appointment means that Porsche will in turn need to name a new executive to oversee those oversees markets, but this is about as far as we'll be chasing the ripple effect. Related Video: Klaus Zellmer to lead Porsche Cars North America Detlev von Platen to join Porsche AG Executive Board as new member responsible for global Sales and Marketing ATLANTA, Oct. 13, 2015 /PRNewswire/ -- Porsche AG's Executive Board appointed Klaus Zellmer as new President and Chief Executive Officer of Porsche Cars North America, Inc. (PCNA), effective November 1, 2015. PCNA's current President and Chief Executive Officer, Detlev von Platen, will relocate from Atlanta to Porsche headquarters in Stuttgart, Germany to assume his new role as Executive Board member responsible for global Sales and Marketing, also effective November 1, 2015. He succeeds Bernhard Maier, who was appointed Chairman of the Board of Management for SKODA in the Czech Republic. Mr. von Platen has led PCNA since 2008. Under his leadership North America remained the most important market for Porsche worldwide.