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Former Porsche execs charged with stock manipulation in Germany

The ongoing indictment of top Porsche executives for alleged stock manipulation during the attempted takeover of Volkswagen has taken years to reach an actual decision, but a trial date has finally been set for October 22. In addition to former CEO Wendelin Wiedeking (pictured above) and ex-CFO Holger Haerter, prosecutors have also added Anton Hunger, who was communications boss at the time, to the list of those charged, according to Reuters. The men purportedly made false statements to investors about plans to acquire 75 percent of VW stock. The prosecutor also dropped charges against Ferdinand Piech and Wolfgang Porsche in the same case, Reuters reports. The two Porsche family members were on the company's board at the time, but investigators found that they had no role in making the false statements. If found guilty, the former Porsche execs could face up to five years in prison. As expected, lawyers for Wiedeking and Haerter have repeatedly denied any wrongdoing by their clients. The investigation into Porsche SE's actions during the failed VW takeover go back to at least 2009 when the firm's offices were raided. Wiedeking and Haerter were eventually indicted in 2012. A Stuttgart court initially dismissed the case for lack of evidence, but in 2014 that decision was reversed on appeal. At the same time, investors have brought multiple civil lawsuits against the company, but none of those cases have been successful.

Dealers, owners feel betrayed by VW scandal

Bob Rand bought his Volkswagen Passat last year for its clean emissions and high gas mileage. He liked the car so much he convinced his son and a friend to buy one, too. Now, as Volkswagen comes clean about rigging diesel emissions to pass US tests, Rand is desperately trying to sell the fully loaded model with white leather seats for $10,000 below what he paid. His sole bite has been from a man who offered $7,500 on speculation that he could resell it in Mexico. "Volkswagen was somebody that you could rely on for cutting-edge products and quality and all those things and now you find out that they're not above lying just flat out," said Rand, who plans to join a class-action lawsuit against VW. "That's probably about as bad a thing as a company can do is lie to your face when you're buying a $35,000 car." Rand's anger at the world's top-selling car company was echoed Wednesday by private dealers, auto wholesalers and owners across the US as fallout from the smog test trickery mounted. The US Environmental Protection Agency first disclosed Friday that stealth software makes VW's 2009-2015 model cars powered by 2.0-liter diesel engines run cleaner during emissions tests than in actual driving. On Wednesday, CEO Martin Winterkorn resigned and took responsibility for the "irregularities" found by US inspectors - a scandal that has wiped out billions in the company's market value and raised the possibility of criminal investigations and billions more in fines. The revelations left dealers sitting on hundreds of diesel cars they could not sell. Many also dealt with a flood of angry calls, emails and tweets from Volkswagen owners who felt betrayed because they believed they had bought a car that polluted less without sacrificing the good gas mileage and performance that comes with a diesel engine. "I think their feet should be held to the fire." - Joe DeCarolis "I think their feet should be held to the fire. I think apologies don't mean anything when something is so premeditated," said Joe DeCarolis, of Cary, NC, who owns a 2012 TDI Jetta Sport Wagon — a car he bought after careful comparison shopping for its clean emissions and good gas mileage. Dealers can't give customers good answers because Volkswagen hasn't said a whole lot, said AutoNation CEO Mike Jackson, the leader of the largest auto dealership chain in the US.

2022 Acura MDX and a trio of lovely sedans | Autoblog Podcast #662

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer. This week, they talk about the cars they've been driving, including the 2021 Volkswagen Arteon, 2021 Kia K5 GT, 2022 Acura MDX and long-term 2021 Acura TLX. In this week's news, they talk about the possibility of a Nissan Xterra return and break down what's going on over at Lotus — the British sports car company is axing its current lineup and replacing the Elise, Exige and Evora with a new car called the Type 131. Autoblog Podcast #662 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown What we're driving:2021 Volkswagen Arteon 2021 Kia K5 GT 2022 Acura MDX 2021 Acura TLX A-Spec News Return of the Nissan Xterra nameplate? Lotus Type 131 replacing the entire Lotus lineup Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: