1970 Porsche 914 on 2040-cars

Auto blog

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.

Preparing for Le Mans 2014 Porsche remembers 1971 and the 917 [w/video]

Porsche has given us another look back at its successes at the 24 Hours of Le Mans. This time it's 1971, the year that its 917 set records that haven't all been eclipsed. It's 45-kilogram magnesium tube frame was the lightest, Jackie Oliver set the fastest in-race lap with a time that still stands, and winning drivers Helmut Marko - the same Helmut Marko currently with Infiniti Red Bull Racing - and Gilles Lethem did so many laps that their distance wasn't exceeded until the Audi R15 TDI did it in 2010.
1971 was also the year of the "Pink Pig." With bodywork created by a French aerodynamics firm, the wider, rounder 917 earned the porcine moniker so Porsche painted it pink and labeled it with the cuts you'd get from a pig. Sponsor Martini was so miffed they demanded all Martini branding be removed. No one can remove the thousands of photographs taken of the car ever since. Enjoy that and more in the video below.

Hot Wheels goes Outlaw with Magnus Walker Porsches

Magnus Walker, of Urban Outlaw fame, insists his story is just like that of any kid. But instead of becoming a fireman or an astronaut, Walker's childhood dream was to have a specific car. A Porsche 911 Turbo just like the one he fell in love with at the 1977 Earls Court Motor Show in London, to be exact. Today, he's famous both for having an eye-catching collection of 911s, as well as a compelling story behind them. Walker collaborated with Hot Wheels so a new generation of kids can find their dream, just like he did with that Porsche. Today, Walker and Hot Wheels will unveil the line of diminutive Porsches he helped to create, starting with the company's beginnings: a Porsche 356A. "There was something about this car, the Porsche," Walker told Autoblog last week in his Downtown Los Angeles garage. "You either had the Ferrari Boxer on the wall, a Lamborghini Countach on the wall, or a Porsche Turbo. There was something that attracted me to this car. That dream never went away." Jun Imai, Design Manager at Hot Wheels, said Walker's story and ties to the Porsche name were a match for the maker of toys that are commonly found on a living room rug. "All Hot Wheels cars have a story, just like all the cars in his collection," Imai said. The partnership with Waker, Imai said, is a product of the way Hot Wheels now gauges the pulse of car culture, with inspiration coming from what's parked out on the streets, printed in magazines and being shared on the internet. There was something that attracted me to this car. That dream never went away. "Up until five years ago, we were a V8 muscle car brand," Imai said. "Now it's, 'What is the modern hot rod?' It could be a Porsche or an E30 BMW. Everyone's into something different, so we take that into consideration." Imai said that Walker's collaboration is just that, rather than slapping his name onto a new series of products. "We're not just doing replicas of his car, that's almost obvious and easy," he said. "We thought, let's have him come in, let's have him actually design graphics for the cars where he's an integral process." For Walker, though, the Hot Wheels cars reflect the growing accessibility of car culture. Despite the modern popularity of video games - Magnus made an appearance in the latest Need for Speed game - Walker says the appeal of Hot Wheels spans from the youngest budding enthusiasts to people older than the original 356.