Auto blog

Porsche again staring down another $1.8B in hedge fund lawsuits

The sequence of events from 2007 that began with Porsche's secret attempt to take over Volkswagen, and instead lead to Porsche being taken over by VW, continues to instigate lawsuits against the Stuttgart sports car manufacturer. A group of hedge funds that suffered over $1 billion in losses sued the car company in New York. Porsche had publicly stated it wasn't trying to buy VW, the hedge funds in question were shorting VW stock, and when Porsche's actual intentions were revealed, the stock shot up and the hedge funds took a beating.
The case was thrown out over the issue of jurisdiction, then appealed, only to see another suit filed on top of that. After that, most of the hedge funds withdrew their claims in New York and Porsche offered a 90-day window to refile in Germany where it is already fighting a number of other suits over the same issue. The hedge funds accepted the offer, refiling in Stuttgart for $1.8 billion in damages. According to Bloomberg, Porsche hasn't commented on the refiling, but as the same plaintiffs are involved, it's safe to assume that the carmaker still feels the case is "unsubstantiated and without merit." It has fared alright so far even in German courts, with two lesser cases against it thrown out last year.

CARB has 20 days to confirm VW's 3.0-liter TDI emission fix

VW's diesel scandal has been in the headlines since last September, but solving the problem it proving difficult. Volkswagen Group has submitted a proposal to the California Air Resources Board (CARB) and the Environmental Protection Agency (EPA) to fix about 85,000 vehicles with the 3.0-liter diesel V6 in the US, Reuters reports. CARB now has 20 business days to test if the plan actually reduces emissions. If accepted, VW could finally begin a recall and end the stop sale on vehicles with these engines. In a statement, CARB pledged to, "respond following a thorough and complete review to make sure the plan addresses the presence of the illegal defeat device and follows the necessary environmental, vehicle and public health and safety regulations." Neither CARB nor the EPA outlined the proposed repairs, but Porsche CEO Oliver Blume already suggested the fix for the engine in the diesel Cayenne. Examples from 2013 and 2014 allegedly need a new catalytic converter and software update, and those from 2015 and 2016 only need the improved code. It's not yet clear whether this procedure would work for all models with the 3.0 TDI. While the EPA issued the notice of violation against VW's 2.0-liter four-cylinder diesel in September, the first one for the 3.0-liter V6 came in early November. By the end of the month, the agency broadened the scope to about 85,000 vehicles, including some examples of the VW Touareg, Audi A6, A7, A8, Q5, Q7, and Porsche Cayenne. The affected companies issued stop sales on new models with the engine. Audi eventually admitted to regulators that it didn't disclose three auxiliary emission control devices in the powerplant's code and promised to develop a software update to fix the problem. CARB gave the automaker 45 business days to submit the proposed solution. If accepted, this repair would allow VW Group to end part of the emissions scandal, but there's no guarantee the regulators consent to this solution. Just a few weeks ago, CARB looked at the automaker's plan to fix the 2.0-liter TDI and rejected it, claiming a lack of detail.

2014 Porsche Cayenne Platinum Edition is the ace of base

If there's one automaker that certainly doesn't skimp on the special edition models, it's Porsche, and here at the 2014 Detroit Auto Show, we're getting our first look at yet another unique take on one of the company's most popular models. It's called the Cayenne Platinum Edition, and while many special models build off of higher-trim vehicles, this one adds a bit of flair to the most basic version of the luxury SUV.
The Platinum Edition is available on Cayennes with the base 3.6-liter V6 or the 3.0-liter turbodiesel V6. Platinum models are set apart from other models with the addition of silver exterior accents on the grilles, window trim and rear spoiler, as well as the two-tone, black-and-beige interior scheme. It also comes standard with the eight-speed Tiptronic S transmission, Power Steering Plus, Park Assist, the Convenience Package and Bose audio.
The cost of entry? $63,000 for the naturally aspirated Cayenne or $66,900 for the diesel. That's a full $13,000 more than the base model, but Porsche says it's actually a bargain as opposed to selecting all of those options individually. Have a look below for Porsche's official release.