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$1.4B hedge fund suit against Porsche dismissed

Investors have canvassed courts in Europe and the US to repeatedly sue Porsche over its failed attempt to take over Volkswagen in 2008 (see here, and here and here), and they have repeatedly failed to win any cases. You can add another big loss to the tally, with Bloomberg reporting that the Stuttgart Regional Court has dismissed a 1.4-billion euro ($1.95B US) lawsuit, the decision explained by the court's assertion that the investors would have lost on their short bets even if Porsche hadn't misled them.
Examining the hedge funds' motives for stock purchases and the bets that VW share prices would fall, judge Carola Wittig said that the funds didn't base their decisions on the key bits of "misinformation," and instead were participating simply in "highly speculative and naked short selling," only to get caught out.
With other cases still pending, the continued streak of victories bodes well for Porsche's courtroom fortunes, since judges will expect new information to consider overturning precedent. If there is any new info, it could come from the potential criminal cases still outstanding against former CEO Wendelin Wiedeking and CFO Holger Härter, who were both indicted on charges of market manipulation.

Porsche designer to head Lamborghini style department

The winds of change are blowing through the front office in Sant'Agata Bolognese. Not only does Lamborghini have a new chief executive, but not it named a new chief designer as well. And he comes from Porsche. Mitja Borkert is his name, and he's been working in the Porsche design department since 1999. He headed up its advanced design office until 2014 when he was named head of exterior design for the company. The Macan, Cayenne, and the new 987 Boxster were all heavily influenced by his work, as were concepts like the Panamera Sport Turismo and Mission E. As the new director of the Centro Stile at Lamborghini, Borkert takes over from Felippo Perini, who's heading over to run Italdesign – a job that used to belong to Wolfgang Egger. The once-independent design firm was taken over by the Volkswagen Group in 2010, and recently saw its famous founder Giorgetto Giugiaro leave to start another office afresh. The shift in the design office follows hot on the heels of the announcement that longtime CEO Stephan Winkelmann is leaving for Audi's Quattro GmbH, and that former Scuderia Ferrari team principal Stefano Domenicali is moving in to take his place on the outskirts of Bologna. Considering how different their design approaches are, it will be interesting to see how a longtime Porsche designer applies his skills to Lamborghinis. Will future Raging Bulls go softer and more rounded, or will Borkert have to pull some new tricks out from his sleeve? We'll be watching to find out. Related Video: Mitja Borkert is the new Director of Centro Stile Lamborghini Sant'Agata Bolognese, 1 March 2016 – Automobili Lamborghini has appointed Mitja Borkert as the new Director of its Centro Stile (design center), starting from 4 April 2016. In his new role Mr. Borkert is responsible for the design of future Lamborghini models and the coordination of the design team, reporting to Maurizio Reggiani, Board Member for Research and Development. He succeeds Filippo Perini, who was appointed Design Director of Italdesign. Borkert is German, aged 42, and attended the Design University of Pforzheim where he graduated in Transportation Design. In 1999, he began work at Style Porsche, in Weissach, holding various positions, including General Manager Advanced Design until 2014, when he was appointed Director of Exterior Design. He contributed to the development of several Porsche models (Panamera Sport Turismo, Porsche Boxster 987 facelift, Cayenne, Macan, Mission e).

2017 Porsche 911 Carrera First Drive [w/video]

The second seismic shift in the history of the Porsche 911 is happening as you read this. The first came in the late 1990s, when air cooling was thrown out and a more modern, water-cooled setup was put in place. People freaked out, and prices of air-cooled 911s are now skyrocketing. But I'll argue that this second major change is an even bigger deal: The free-breathing, naturally aspirated engine is gone, in its place a smaller, more powerful, turbocharged lump. But there's no need to panic. Purists be damned; "no replacement for displacement" shouters be silenced. This forced-induction heart beats beautifully in the 911's rump. I'm behind the wheel of a 2017 911 Carrera S coupe, stopped at the base of a winding mountain road on Tenerife, the largest of the Spanish-owned Canary Islands off the northwest coast of Africa. A nearly identical 911 is ahead of me, piloted by one of Porsche's test drivers. The road is closed. Hired spotters watch the corners. I'm about to run up the mountain at full charge, Porsche's expert leading the way. This forced-induction heart beats beautifully in the 911's rump. Behind me is the new engine: a 3.0-liter, twin-turbocharged flat-six. At idle, it still has that unmistakably Porsche, horizontally opposed hum. I've got 420 horsepower and 368 pound-feet of torque to work with, increases of 20 hp and 43 lb-ft compared to the old 3.8-liter, naturally aspirated six. If I launch it, I'll hit 60 miles per hour in under four seconds. Power is routed through the Porsche Doppelkupplung transmission – the best dual-clutch tranny in the business – and the fat, 305-section Pirelli PZero tires out back get all that thrust to the ground. There's a strong engine noise, complemented by the sound of the turbos sucking in air via the intakes just below the rear window. And then there's the exhaust. The standard Carrera comes with two large outlets and the Carrera S replaces those with quad pipes. But I've got the optional sport exhaust, not pictured on the car you see here, with two round outlets moved toward the center of the 911's hiney. Not only do they look way cooler, they're a treat for the ears. The Spanish may have decided to tunnel through many of Tenerife's mountainsides, but the pleasure of punching the throttle and letting the exhaust sing easily makes up for any loss of scenic views. The Carrera S' full 368 lb-ft is available right from 1,700 rpm, and there's no lag prior to arrival.