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Paul Walker's father sues Porsche

Porsche will reportedly face another wrongful-death suit in connection with the death of Paul Walker. This latest suit, according to USA Today, was filed by the late actor's father and the executor of his will. In the suit, Paul William Walker III claims that the Porsche lacked the safety equipment that could have saved the life of his son, actor Paul William Walker IV. The case dates back almost two years, to the day when Walker and his associate Roger Rodas were traveling in a 2005 Porsche Carrera GT. Rodas lost control of the car, which struck a lamppost and two trees on Hercules Street in Santa Clarita, CA. A fire erupted after the crash and both Rodas and Walker (who was riding in the passenger seat) were killed. The ensuing investigation determined that unsafe speeds were at fault, however grieving members of the deceased victims' families have launched a series of lawsuits – including several directed against the German automaker – in the aftermath. Walker's father previously sued the Rodas' estate over the ownership of a collection of cars estimated to be worth some $1.8 million. Meanwhile Rodas' widow Kristine has also filed a wrongful death suit against Porsche. And just this past September, Walker's 17-year-old daughter and heiress Meadow filed another wrongful death suit, also against Porsche. In response to the latter, Porsche spokesman Calvin Kim wrote to Autoblog: "As we have said before, we are very sad whenever anyone is hurt in a Porsche vehicle, but we believe the authorities' reports in this case clearly establish that this tragic crash resulted from reckless driving and excessive speed." This latest lawsuit filed by Walker's father alleges that the Carrera GT should have been equipped with stability control, reinforced doors, and a breakaway fuel line – features that, the plaintiff asserts, could have saved his son's life. According to USA Today, Porsche recently claimed in court that the vehicle in question had been modified and improperly maintained. Those factors could have led to the accident that claimed both Walker's and Rodas' lives. Walker was an actor who made his debut in television before appearing in movies like Varsity Blues, The Skulls, and Flags of Our Fathers. He will perhaps be best remembered, however, as the star in the Fast and Furious series – the most recent installment of which was completed posthumously with the help of his brothers and computer animation. The California native was 40 years old.

VW makes $23K on every Porsche sold, more than Bentley or Lamborghini

It's a good time to be in the luxury car business. In Volkswagen Group's financial report for the 2013 fiscal year, it is revealed that that Porsche enjoyed an operating margin of 18 percent. That means the Stuttgart brand made on average about $23,200 per car sold, according to BusinessWeek. Bentley wasn't far behind, and Audi (which was combined with Lamborghini) posted a 10.1 percent margin. This compares to only around 2.9 percent for the Volkswagen brand.
"Luxury brands are on fire," said Dave Sullivan, an industry analyst at AutoPacific. He said that the average profit margin is between six and eight percent. Brands like Porsche and Bentley have the benefit of competing in rarefied markets. Buyers looking at one their vehicles have fewer models to shop against and don't care as much about price. They can also charge more for options, which further boosts income, according to BusinessWeek.
In a way, we should be more impressed by the continued success from Audi. Its models generally have direct competitors in every segment from the other premium automakers. Plus, their buyers aren't the captains of industry who are shopping for a Bentley. Still, the Four Rings is leading rivals in sales so far this year.

Winterkorn steps down as CEO of Porsche SE

Martin Winterkorn's departure from all things related to the Volkswagen Group is nearing completion. After having stepped down as chairman of the automaker's executive board nearly a month ago in the wake of the automaker's diesel emissions scandal, he's now leaving the direction of the company's principal shareholder, as well. After VW acquired Porsche (the automaker) several years ago, and in turn was principally acquired by Porsche (the holding company), the latter installed Winterkorn as its chief executive officer in order to cement ties between the parties. He's served as chairman of the executive board (German-speak for CEO) at Porsche Automobil Holding SE ever since, but he's now officially resigned from that position. In his place, the holding company has named Hans Dieter Potsch as its new chief exec. Potsch was also recently named as chairman of the supervisory board of the Volkswagen Group, having served until now as CFO of both VW AG and of Porsche SE. Winterkorn's principal successor at the helm of daily operations at VW is Matthias Muller, formerly CEO of the Porsche auto brand and now CEO of the entire VW group. The development brings Winterkorn's exit closer to completion. However the departing executive still, for the time being, remains at the head of group divisions Audi, Scania, and Truck & Bus GmbH. We don't expect it will be much longer, however, before he formally resigns from those chairmanships as well. Related Video: Porsche SE: Prof. Dr. Martin Winterkorn ceases function as member and chairman of the executive board Successor as chairman will be chief financial officer Hans Dieter Potsch Stuttgart, 17. October 2015. Porsche Automobil Holding SE, Stuttgart ("Porsche SE"), reached an agreement with Prof. Dr. Martin Winterkorn that he ceases his function as member and chairman of the executive board of Porsche SE by the end of October 31, 2015. Dr. Wolfgang Porsche, chairman of the supervisory board of Porsche SE, thanked Prof. Dr. Winterkorn for the successful work in previous years: "Prof. Dr. Winterkorn assumed office as chairman of the executive board of Porsche SE in a difficult situation. He played a significant role in transforming our company into a highly professional investment holding. I would like to express my gratitude on behalf of the entire supervisory board." Hans Dieter Potsch, chief financial officer of Porsche SE, was appointed by the supervisory board to succeed Prof. Dr.