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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."

2016 Porsche 919 Hybrid sharpens up to defend its titles

Porsche made a clean sweep of LMP1 racing last season, winning the 24 Hours of Le Mans as well as the FIA World Endurance Championship for both drivers and manufacturers. And now that it's back on top of the podium, it's not about to step down again without putting up a fight. To that end, witness the newly revised 919 Hybrid. Revealed ahead of the season's start with the Prologue event at the Paul Ricard circuit in France, the 2016 Porsche 919 Hybrid is an evolution of the version that debuted in 2014 and trounced the competition in 2015. But Audi and Toyota – with their similarly revised R18 and TS050 – will be at least as hungry this year to dethrone Porsche as Porsche will be to retain its titles, so the racing engineers in Weissach have made made a number of revisions. The chassis and basic engine architecture, of course, are the same, with a two-liter turbocharged V4 assisted by a brake energy recovery system at the front and exhaust energy recuperation at the back. But the engine now uses less fuel, so it can run longer between pit stops – a vital element of the strategy when racing for hours on end. The aerodynamics were made more adjustable so that the team can switch between three packages depending on the type of track they're running. While they were at it, those notoriously exacting German engineers managed to cut some excess weight out as well. And instead of the three different color liveries like last year, this season the 919 Hybrid will run under a common livery of black, white, and red – which hopefully won't get mixed up with those of its rivals from Audi and Toyota. We guess we'll all find out when the season kicks off in earnest at Silverstone in mid-April. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. FIA World Endurance Championship WEC, LMP1 Ready for title defence: the new Porsche 919 Hybrid Stuttgart. World debut of the new 919 Hybrid: Two days before the official Prologue for the FIA World Endurance Championship (WEC) at Paul Ricard, France, Porsche is presenting its race car for this season. Strong development characterises the new 919 Hybrid' technology. The powertrain became even more efficient, the aerodynamics were even more specific for the various race tracks and the weight of single components was even more reduced. "The over 900 hp strong Le Mans Prototype is ready for the title defence," said Fritz Enzinger, Vice President LMP1.

Gary Cooper's 1935 Duesenberg SSJ fetches record price at Pebble Beach

The 1935 Duesenberg SSJ formerly owned by Gary Cooper sold for a jaw-dropping $22 million over the weekend at the Gooding & Co. Pebble Beach auction, setting a record for the most valuable pre-war car ever sold at auction. It also appears to have become the most expensive American collector car ever sold at auction, eclipsing the very first Shelby Cobra ever made, which sold for $13.75 million in 2016. The Duesenberg was also the lone American-made entrant in the list of top 10 sellers, which was crowded with the names Ferrari and Porsche. You have to go all the way down the list to No. 21 to find the next American car: a 1930 Packard 734 Speedster Phaeton, which sold for a mere $1.127 million. All told, Gooding & Co. said it realized more than $116.5 million in auction sales over the weekend, with a whopping 25 cars sold for north of $1 million, an 84 percent sales rate and an average transaction price of $947,174. Clearly this is how the other half 1 percent lives. Gooding & Co. said there were five world-record sales at the auction. Joining the Duesenberg were a 1955 Ferrari 500 Mondial Series II, which sold for $5.005 million; a 1958 Ferrari 250 GT Tour de France Berlinetta, $6.6 million; a 1967 Ferrari 330 GTC Speciale, $3.41 million; and a one-of-two 1966 Ferrari Dino Berlinetta GT, $3.08 million. Oh, and that 1969 Ford Bronco test vehicle we told you about? The one that was rebadged by Holman & Moody as a Bronco Hunter? It sold for $121,000, which was well below the expected range of $180,000 to $220,000. Perhaps it was the presence of all those gorgeous Porsche Spyders and Ferraris that meant collectors weren't interested in boxy, utilitarian off-roaders. View 24 Photos Gooding and Co. had expected the convertible Duesenberg coupe to go for more than $10 million. It was one of only two of its kind built by Duesenberg — the other having gone to Clark Gable — with a specially shortened, 125-inch wheelbase and a supercharged straight-eight with double overhead cams, able to produce around 400 horsepower and a top speed of 140 miles per hour. It features a lightweight open-roadster bobtail body produced by LaGrande out of Connersville, Ind. The car was also owned at one point by race driver Briggs Cunningham.