2010 Volkswagen Beetle on 2040-cars

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$1.4B hedge fund suit against Porsche dismissed

Investors have canvassed courts in Europe and the US to repeatedly sue Porsche over its failed attempt to take over Volkswagen in 2008 (see here, and here and here), and they have repeatedly failed to win any cases. You can add another big loss to the tally, with Bloomberg reporting that the Stuttgart Regional Court has dismissed a 1.4-billion euro ($1.95B US) lawsuit, the decision explained by the court's assertion that the investors would have lost on their short bets even if Porsche hadn't misled them.
Examining the hedge funds' motives for stock purchases and the bets that VW share prices would fall, judge Carola Wittig said that the funds didn't base their decisions on the key bits of "misinformation," and instead were participating simply in "highly speculative and naked short selling," only to get caught out.
With other cases still pending, the continued streak of victories bodes well for Porsche's courtroom fortunes, since judges will expect new information to consider overturning precedent. If there is any new info, it could come from the potential criminal cases still outstanding against former CEO Wendelin Wiedeking and CFO Holger Härter, who were both indicted on charges of market manipulation.

World Car Of The Year down to its final four

Judges for the World Car of the Year Award have narrowed down the finalists to just four vehicles. Out of a total of 42 entries, only the Mercedes-Benz A-Class, Porsche Boxster/Cayman, Scion FR-S/Subaru BRZ/Toyota GT-86 and Volkswagen Golf remain standing. For Volkswagen, this marks the second consecutive year the company has had an entry among the finalists, and the fourth time since 2009. In order to qualify, a vehicle must be on sale on two continents during the span of time between January 1, 2013 and May 30, 2013. A panel of 66 journalists from 23 countries then vote on the finalists.
Three vehicles have made the cut for the last round of voting on the 2013 World Performance Car as well, with the Cayman/Boxster and FR-S/BRZ/GT-86 running against the Ferrari F12 Berlinetta. Meanwhile, the Renault Zoe, Tesla Model S and Volvo V60 Plug-In Hybrid are duking it out for the World Green Car Award. Finally, the World Car Design of the Year Award is up for grabs between the Aston Martin Vanquish, Jaguar F-Type, and the Mazda6. Check out the full press release below. Overall winners will be presented at the 2013 New York Auto Show.

VW's diesel problems could end in criminal prosecution

It's not just auto industry insiders who are re-evaluating their thoughts on VW's diesel line-up following last week's bombshell accusation that the German automaker willfully installed software in almost a half-million diesel vehicles sold in the US to get around government emissions tests. Things are moving fast in what is already being called "dieselgate," but here are some of the big news items that we've learned since VW CEO Martin Winterkorn issued an apology yesterday. The biggest news is that both the US and German governments are looking into criminal prosecutions. Here, the US Justice Department has started a criminal investigation and Germany said that its Federal Motor Transport Authority will get involved. When the full history about all of this is written, two key players will be John German and Peter Mock from the International Council on Clean Transportation. They were the researchers responsible for actually calculating the emissions, and thus discovered that what was coming out of the tailpipe and what VW was telling the EPA did not match up. Once the EPA understood what was going on, it forced VW to either explain things all of its 2016 models would not receive certification. Sales of all VW diesels in the US have indeed been stopped, and the EPA says it will take a closer look at all light-duty diesel vehicles in the US. The re-engineered 2016 Volkswagen Passat is being launched in New York today. Two senior Volkswagen executives who were supposed to attend the event - Heinz-Jakob Neusser, VW's board member in charge of technical development and Herbert Diess, chairman of the VW brand's management board - have cancelled. An Audi vehicle is among the VW Group's vehicles affected by this issue, the A3 TDI. Given that VW has admitted in some fashion to installing the "defeat device" to get around the emissions tests, Audi's slogan "Truth In Engineering" now sounds less than perfect. Yes, there is already talk of class-action lawsuits. Nothing official is out yet, but expect to hear more about this in the near future.