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Former Porsche CEO Wiedeking indicted over VW takeover bid

Do you recall the failed efforts by Porsche to take over Volkswagen? According to a Bloomberg report, former Porsche CEO Wendelin Wiedeking (above) and ex-CFO Holger Haerter have finally been charged with market manipulation over the exercising of options as part of the German sportscar manufacturer's ill-fated attempt to take over the much larger VW. That failed bid eventually resulted in the reverse coming true - VW swallowing Porsche.
The charges leveled by Stuttgart prosecutors come after a three-year investigation centered around allegations that Porsche execs made a concerted effort to increase the company's share in VW to 75 percent in preparation for a hostile takeover. Porsche had previously told its investors on at least five occasions that it had no intention to buy VW.
Portions of the investigation have subsided, according to prosecutors, citing an inability to prove certain improprieties with a "necessary degree of certainty." The number of charges is down to 5 from a previous 14 counts regarding "information-based market manipulation."

Porsche Mission E set for launch by 2020

Porsche will bring the Mission E electric sedan to production by 2020. The company's board just gave the thumbs up for further development of the vehicle on Dec. 4. "Even in a greatly changing motoring world, Porsche will maintain its front-row position with this fascinating sports car," Dr. Wolfgang Porsche, chairman of the supervisory board of Porsche AG, said in the model's announcement. The Mission E debuted at the 2015 Frankfurt Motor Show as a long-slung sedan in a mix of aluminum, steel, and carbon-fiber reinforced polymer. The concept featured two permanent magnet synchronous motors with over 590 horsepower, all-wheel drive with torque vectoring, and four-wheel steering. Porsche claimed that the model could reach 62 miles per hour in less than 3.5 seconds and offer a 500-kilometer (310.7-mile) range on the European testing cycle. Plus, the brand alleged the vehicle could lap the Nordschleife in less than eight minutes. The concept version also boasted an 800-volt charger to provide 80 percent of the range just 15 minutes after the driver plugged it in. We won't know for some time how much of this cutting-edge tech will actually arrive on the production version, but building the Mission E will coincide with 700-million euros ($765 million) in updates to the Porsche factory in Stuttgart-Zuffenhausen. In the coming years, the company will upgrade its engine factory to assemble electric motors. The automaker will also add a new paint shop, assembly plant, and enlarged body shop there. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Green light for Mission E The first 100% electrically powered Porsche is on its way. It will be launched at the end of the decade. The supervisory board of the Porsche AG today gave the green light for the Mission E project. Mission E, Concept Car, Press Conference IAA , Frankfurt, 2015, Porsche AG With the Mission E project, Porsche is continuing to back sustainable growth. In Stuttgart-Zuffenhausen alone more than 1,000 new jobs are being created. The company will be investing around 700 million euros in its main site there. Over the next few years, a new paint shop and a new assembly plant will be built. The existing engine factory is also being expanded for the production of electric motors. In addition, the existing body shop is being enlarged.

Vintage-ish Porsche 911 buying guide

Harry Metcalfe is always great at showing viewers the intricate details of the vehicles in his collection as part of the Harry's Garage series. This time he's helping out future buyers by explaining what to look for when purchasing a classic and slightly more modern Porsche 911. His examples for this lesson are two absolute beauties that are about to cross the block from Silverstone Auctions in the UK: a 1972 2.4 S and a 1991 964-chassis RS Clubsport. The '72 in creamy white here epitomizes the look of early 911s. The coupe is handsome, purposeful, and fairly compact by modern standards. According to Metcalfe, when looking at one, don't worry about a wobbly gearshift. Apparently, they're all like that, even ones as well cared for as this example. As with any used car purchase, he recommends trying to get as many service records as you can. It's just good to know as much about the vehicle's life as possible before throwing down any cash. Where the '72 911 shows the more gentlemanly side of the brand, the '91 RS Clubsport is Porsche proving the company's performance credentials. Metcalfe slightly dings the switch to an aftermarket air filter here, but overall it's hard to find a major fault. These cars were essentially road-going racers in this trim. The engineers in Zuffenhausen chopped out as much weight as possible and then fitted Recaro racing buckets and a roll cage. This thing was meant clock as many laps around the 'Ring as the driver could stand.