Fully Restored 1973 Volkswagen Super Beetle on 2040-cars

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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."

Audi spending an additional $2.5 billion on expansion through 2019

Every year, it seems the Volkswagen Group announces a new and larger spend to push growth and profit, with Audi a regular recipient of the moolah. That's reasonable, seeing as hauls in 40 percent of Group operating profits. In December last year Audi said it would spend an additional 100 million euros ($122M US) per year through 2018 to develop new models and expand production, targeting 60 models by 2020 and luxury sales leadership. This month Audi said it will boost that by another two billion euros ($2.5B US) over the next five years, for a total outlay of 24 billion euros from 2014 to 2019. Something like 70 percent of those billions will be spent on new models, technology like "connectivity and lightweight construction," and factory expansion at its plants in Ingolstadt and Neckarsulm. Most of the ten models that will plump the lineup to 60 cars will mainly be aimed at the C and D segments, as well as crossovers, the brand's burgeoning portfolio of PHEV models, and all-electric cars that will begin staking ground in the segment. The big spend comes at the same time as Audi is working hard to reduce costs by $2.5 billion to maintain profitability, part of a larger push by VW to cut costs by $6.1 billion by 2017. More than a billion euros will go to new factories in Mexico and Brazil. Work begins on the Mexico plant next year, and when it comes on-line in 2016, Audi's Q5 successor will roll out of its warehouse doors; Audi has already announced it will hire 850 more workers next year in Mexico. When that's done, Mexico's production of German luxury cars will only trail that of Germany, China and the US. The company's Brazil plant will produce the A3 and S3 starting next year, and the brand figures luxury car buying there will triple by 2017. News Source: Reuters Earnings/Financials Plants/Manufacturing Audi Volkswagen Luxury Mexico Brazil ulrich hackenberg

Volkswagen Passat gets classier styling, tech updates for 2016

Volkswagen revealed a snazzier-looking, better-equipped version of the Passat Monday evening, which will start at $23,260 when it goes on sale as a 2016 model late this fall. The refresh updates VW's midsize sedan, though the changes are mostly evolutionary, and they come as Volkswagen is mired in scandal following charges it cheated on EPA tests. The design features a new hood, grille, rear bumpers, and front fenders. It's also the first VW sedan to offer LED head- and taillights as an option, and the 2016 version is the first Passat to get an R-Line package, which includes black accents, 19-inch aluminum alloy wheels, and a custom front bumper. "We applied a progressive design strategy with the new Passat, giving the car a dynamic presence and a more sophisticated look," Klaus Bischoff, Volkswagen head of design, said in a statement. "We have integrated several new design elements, including a sculpted, domed hood that significantly sets the car apart from its predecessor." Inside, the cabin gets nicer materials, including chrome and piano-black trim, a new steering wheel, and available heated rear seats. VW's second-generation modular infotainment platform is standard, and it offers swiping and pinch-to-zoom features on most models. Volkswagen's Car-Net system is also available, which allows for smoother smartphone integration. The powertrain lineup carries over and is made up of the 1.8-liter turbo four-cylinder, 2.0-liter turbo diesel, and a 3.6-liter V6. It's unclear if the TDI model will be offered at launch in light of VW's recent diesel scandal. VOLKSWAGEN UNVEILS NEW 2016 PASSAT WITH STRIKING DESIGN, INNOVATIVE TECHNOLOGY AND ENHANCED VALUE The Chattanooga-built Passat raises the bar in the midsize segment, offering new styling inside and out as well as a host of new connectivity and driver assistance features • Striking new front and rear design • New interior with updated instrument panel and center stack for a more premium feel • Standard MIB II infotainment system includes USB connectivity • Available VW Car-Net® App-Connect supports smartphone integration with Apple CarPlay®, Android Auto™ and MirrorLink® • Energy-efficient LED headlights and taillights available for the first time on a VW sedan • New driver assistance systems are standard features on select trim levels • First-ever R-Line® trim for U.S.