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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.

EVO "2012 Car of the Year: The Track Battles" is a sports car salmagundi

EVO has come out with another gotta-watch-it video, throwing its 2012 Car of the Year contestants around the UK's 1.5-mile Blyton Park track. It's actually a 15-minute teaser for the full-length DVD detailing the magazine's Car of the Year selection, but the tease is worth every penny free second.
Tiff Needell and sports car racer Richard Meaden handle the wheel duties, the two driving five pairs of sports cars: Lotus Exige S vs. Porsche Boxster S, Morgan Three-Wheeler vs. Toyota GT86, BMW M135i vs. Porsche 911, Mercedes-Benz C63 AMG Black Series vs. Alpina B3 GT3, the marquee event pits the McLaren MP4-12C vs. the Pagani Huayra. After a head-to-head lap with commentary during drifts, Meaden takes each car out to set a representative lap time.
You'll find the verdicts, lots of tire smoke, and lines like "Anything you can do sideways I can do sideways" in the video below.

Porsche offers a closer look at the Mission E's design

As Porsche's first fully electric sports sedan to go on sale, the production version of the Mission E concept could revolutionize the company's products. It's vital to get the look just right because of so much riding on the upcoming EV, and a new video from the German sportscar maker offers a glimpse inside the Mission E's design process. When Porsche decided to create a four-seat sports car with an electric drivetrain, the designers started by creating a series of drawings that became clay scale models. While they don't look too different from the final shape, this video gives us a look at several different design sketches for the Mission E. The designers tacked up pictures of the brand's models and took some ideas from them. For example, the smooth nose has a resemblance to the front of the 718 RSK racecar from the late '50s and early '60s, and the Mission E also has cues from the current 919 Hybrid. The interior design process proceeded similarly. The stylists wanted to carry the look of the 911 into the future. For a cutting edge cabin, they also included elements like gesture recognition and holographic displays. In concept form, Porsche claims the Mission E all-wheel drive EV powertrain makes 590 horsepower, and Porsche promised a 311-mile range under the European testing method. Production should begin around 2020 at an updated factory in Stuttgart-Zuffenhausen, Germany. The company's workers at the plant even agreed to adjust their wages to make sure assembly happened there. Related Video: