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Porsche again staring down another $1.8B in hedge fund lawsuits

The sequence of events from 2007 that began with Porsche's secret attempt to take over Volkswagen, and instead lead to Porsche being taken over by VW, continues to instigate lawsuits against the Stuttgart sports car manufacturer. A group of hedge funds that suffered over $1 billion in losses sued the car company in New York. Porsche had publicly stated it wasn't trying to buy VW, the hedge funds in question were shorting VW stock, and when Porsche's actual intentions were revealed, the stock shot up and the hedge funds took a beating.
The case was thrown out over the issue of jurisdiction, then appealed, only to see another suit filed on top of that. After that, most of the hedge funds withdrew their claims in New York and Porsche offered a 90-day window to refile in Germany where it is already fighting a number of other suits over the same issue. The hedge funds accepted the offer, refiling in Stuttgart for $1.8 billion in damages. According to Bloomberg, Porsche hasn't commented on the refiling, but as the same plaintiffs are involved, it's safe to assume that the carmaker still feels the case is "unsubstantiated and without merit." It has fared alright so far even in German courts, with two lesser cases against it thrown out last year.

Lamborghini and Bentley may hold off on SUVs so VW can conserve cash

After surveying the European economic scene, Volkswagen may have decided now is not the time to launch utility vehicles with Bentley and Lamborghini badges. Bentley officials say they will continue to push for support for the EXP 9 F and Lamborghini CEO Stephan Winkelman has said planning for the Urus will continue until VW tells it to stop.
That decision could come on November 23, when VW's board will vote on the company's budget for equipment, factories and vehicles. With VW's sales slowing and the Euro economy slumping further, some industry watchers say the company is more likely to build its cash reserves than to introduce super-expensive luxury SUVs or crossovers.
"Such vehicles are anything but obligatory during a crisis," says Frankfurt-based Equinet AG analyst Tim Schuldt in a new Automotive News Europe story. "Delaying their launch would be no drama but help save costs."

VW previews retouched 2014 Touareg for Beijing

Volkswagen is in New York this week showing off its new Jetta and Golf TDI SportWagen concept. But in less than a week, the German automaker will be off to China for the Beijing Motor Show, where it will showcase the revised Touareg you see here.
A subtle update on the Touareg that's been on the market in its current form for four years now, the facelifted model features reworked styling front and rear, an updated interior and a host of new technologies to keep it current in the highly competitive SUV market. Among those new features are larger bi-xenon headlights, coasting function, Google Maps integration and a post-collision braking system designed to prevent a second crash.
VW will offer the new Touareg with a variety of engines around the world, but in North America it'll carry over the same six-cylinder powertrain options as the outgoing model: a 3.6-liter V6 with 280 horsepower, a 3.0-liter turbodiesel V6 with 240 hp (though torque isn't listed, we'd expect around 406 pound-feet, same as last year) and a hybrid that marries a 3.0-liter supercharged V6 to an electric motor that combine to deliver 380 hp.