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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.

New European charging network will offer speeds up to 350 kW

It's about to get easier to fast-charge your electric vehicle across Europe thanks to four major automakers working together in a new joint venture. BMW, Daimler (Mercedes-Benz), Ford, and the VW Group (Audi and Porsche) have all signed a Memorandum of Understanding to install about 400 DC fast charging sites in Europe. As you may know, there are different types of fast chargers, but the ones that this group is talking about installing will be able to charge an EV in much less time than other stations. That's because these chargers will offer power levels of "up to 350 kW." Compare that to what's generally considered the current gold standard, the Tesla Superchargers, which have rates of up to 145 kW and a statement not that long ago from a Ford exec that suggested that 150 kW chargers would be the new normal. Of course, the Tesla chargers use the company's proprietary connector and the new network the JV is setting up will use the CCS standard. The first new stations will go up in 2017 and those 400 sites are just the beginning. A joint statement by the JV says that EV drivers will "have access to thousands of high-powered charging points" by 2020 along highways and main roads. "The charging experience is expected to evolve to be as convenient as refueling at conventional gas stations," the companies said. While not every electric vehicle will be able to take advantage of the 350 kW charging rate, the companies involved would be silly to build the infrastructure without vehicles that can handle that kind of energy flow. The JV says it would welcome participation from other automakers and will cooperate with interested regional partners. Related Video: News Source: Daimler Green Audi BMW Ford Mercedes-Benz Porsche Volkswagen Electric fast charging

Porsche 919 Hybrid sets new qualifying record at Le Mans [w/video]

Porsche is getting off to a great start at Le Mans this year, setting a new qualifying lap record. Both Neel Jani and Timo Bernhardt clocked qualifying times in the latest Porsche 919 Hybrid that eclipse the previous record. At 3:16.887 and 3:17.767, both Porsche factory works drivers beat the record 3:18.51 qualifying time achieved by Stephane Sarrazin in the Peugeot 908 back in 2008. We should note, however, that these times are for the current track configuration. The outright qualifying record for any configuration still belongs to – you guessed it, also Porsche. Pedro Rodriguez pole position in 1971 in the Porsche 917 at 3:13.90. His teammate Jackie Oliver lapped even faster during the practice session at 3:13.6, and went on to set the fastest race lap that same year, which still stands at 3:18.4. The long and short of it, though, is that Porsche has been and remains the force to be reckoned with when it comes to outright pace around the French circuit. All that remains to be seen is whether the team can translate that pace into victory over the defending Le Mans winners at Audi and the reigning World Endurance Champions at Toyota. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. 24 Hours of Le Mans : Porsche beats all records! As expected, this first day will be have been marked by the domination of the Porsche 919 Hybrid cars during the first qualifying practice and who totally smashed the record of the track. But let's be careful, Audi isn't far behind. In LM P2, an Oreca 05 from Team KCMG finished in front whereas the Aston Martins excelled in LM GTE Pro and LM GTE Am. During the free practice sessions that took place between 4 and 8pm, the competitors began carefully on a drying track after the afternoon rain. The red flag was presented only 5 minutes after the opening of the track because of an immobilized driver who had made a mistake (without any other consequence other than this neutralization) at braking point in the chicane ForzaMotorsport (first of the two chicanes on the Hunaudieres). The British driver Richard Bradley was the cause of this behind the steering wheel of the Oreca 05 n°47 of the Hong Kong team KCMG. The prototype LM P2 was brought back to the pits on the breakdown truck. A little later, the same Richard Bradley did the best time of the free session on this Oreca 05 n°47.