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Porsche Australia price cuts in excess of $36,000 irks customers

Have you ever gone to the store, only to become irked after learning that the new [*insert widget here*] that you bought just last week has gone through a price drop? If you're particularly thrifty, even if it's only a couple of bucks, you probably brought in your receipt to see if the store would issue you a credit for the difference. Now, imagine that the widget in question isn't a minor purchase, it's a Porsche - and the price drop isn't just a few bucks - it's thousands.
That's the unhappy scenario that recently faced a number of Australian luxury car buyers and the uncomfortable conversation awaiting the German automaker. According to GoAuto, Porsche Australia recently whacked up to $36,000 off the price of its models in order to jumpstart sales Down Under - the Panamera range itself saw cuts between $5,500 and more than $36,000. The aggressive price cut was a strategy designed to drive sales of more than 3,000 cars locally, a yearly goal originally set for 2018, but now hoped for as early as 2016.
Australia is known for its comparatively high car prices, so the dramatic price cuts were undoubtedly welcome news to potential Porsche shoppers. However, around 50 existing customers were understandably agitated by the reductions because they purchased their cars just before the adjustments took effect. Not only did they stand to lose out on the deals, they also had good reason to fear that their new cars' residual values would take a beating.

German judge 'inclined to dismiss' hedge fund lawsuit against Porsche

Last year, around two dozen investors, including hedge funds, leveled a 1.4 billion euro ($1.95 billion at the time) lawsuit against Porsche in connection with the automaker's attempted takeover of Volkswagen in 2008. The Stuttgart Regional Court dismissed the case. Around 19 of those plaintiffs are heading back to court to appeal the ruling and still hope to get 1.2 billion euros ($1.4 billion). However, according to one German judge, the chances for success aren't any better this time around. "On balance it's our view that we consider the lawsuit, or the appeal, to be unpromising for several reasons," Gerhard Ruf, a judge in Stuttgart, said to Reuters. "We are inclined to dismiss the case." The court's ruling on the appeal will be announced on March 26. The investors' case hinges on Porsche's strategy surrounding the botched takeover. The sports car maker said that it wasn't trying to control VW, when in fact it was. These hedge funds had bet against Volkswagen stock, but the share price surged when Porsche's plan inevitably came to light. Investors have sued the sports car company multiple times since then in attempts to recoup billions of dollars. However, none of the lawsuits have been successful, whether attempted in the US or Germany. Former Porsche CEO Wendelin Wiedeking and and CFO Holger Haerter might still stand trial for the alleged stock manipulation, though. News Source: ReutersImage Credit: Matthias Rietschel / AP Photo Government/Legal Porsche Volkswagen lawsuit hedge funds porsche lawsuit

2016 Porsche Boxster Spyder First Drive [w/video]

The recipe for the 2011 Porsche Boxster Spyder cooked up a meal that everyone loved. Yes, even with the three-piece, Erector Set canvas top that took one journalist 30 minutes to lower the first time. Boiled down, the 2011 model was a Boxster S with 10 extra horsepower and 176 fewer pounds, graced with accelerated reflexes. For the second coming of the Boxster Spyder, Porsche fortified the ingredients it used in the first. It starts with the Boxster GTS and adds the 3.8-liter flat-six from the 911 Carrera S, tuned to 375 horsepower and 301 pound-feet of torque. The Spyder subtracts around 72 pounds compared to the Boxster GTS, weighing in at 2,899 pounds. This, then, is both the most powerful and the lightest Boxster you can get. For you fact-checkers out there, the entry-level Boxster is listed at 2,888 pounds on the Porsche USA site, but a spokesman points out that, "the metric for determining weight has changed, which increased the amount of fluids necessary to perform weight testing." In other words, the base Boxster is unchanged, but the real-world curb weight is actually higher. It's ridiculous to quibble over 11 pounds – or whatever the difference is – because the Boxster Spyder has 110 more horsepower and 96 more pound-feet than the base model. With a successful technique already established, we thought the latest Boxster Spyder would even more of a raucous and rowdy good time than its predecessor. But it's not. The standard Boxster Spyder doesn't come with manual A/C or a stereo, but both can be added for no additional cost. The exterior, at least, exhibits the right kind of maturity. Front and rear fascias swiped from the Cayman GT4 add 10 millimeters in length compared to other Boxsters. Those pieces make the car lighter, along with items like the aluminum doors and decklid. The bulges behind the roll hoops, called streamliners, are the can't-miss-it references to Porsche's historic and legendary Spyders. In case admirers still don't get it, Spyder badges sit atop each rear quarter panel. Inside, the leather, body-colored trim, and copious amount of Alcantara is like a track-day package arranged by Prada. The steering wheel is shared with the Cayman GT4. The lightweight sport seats that hug like a carbon fiber cradle in our test car aren't available in our market. Different sport seats are standard in the US, racier buckets are a $4,750 option.