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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.

Volkswagen's new Passat Alltrack ready to scale the Alps

Volvo may be stepping up its off-roading game with a greater variety of Cross Country models tumbling out the factory in Gothenburg, but the other (larger) European automaker whose name starts with the letters V-O-L is also broadening and updating its range of road-going automobiles equipped to handle a little soft-road duty. Aside from Audi's Allroad line, Skoda's Scout models and the new Seat Leon X-Perience, the Volkswagen brand itself has recently showcased Alltrack versions of the Golf, Multivan and of course the Passat. And now it's announced a new version of the latter for the European market. Based on the Euro-spec Passat Variant, the new VW Passat Alltrack follows a familiar formula: take a station wagon, equip it with all-wheel drive, jack up the suspension, add some lower body cladding and some new trim and – voila! – you've got a pseudo rough-roader on your hands. Set to debut in just a couple of weeks from now at the 2015 Geneva Motor Show, the new Passat Alltrack is visually distinguished by its new bumpers, underbody protection, beefed-up wheel arch moldings and a ride height increased by over an inch to the benefit of ground clearance as well as approach and departure angles. European buyers who like to leave the road every once in a while (or give the impression that they do) will be able to choose from a range of five engines: two burning gasoline with either 148 horsepower or 217, and three diesels available in 148-, 187- or 237-hp states of tune. The base TSI and TDI engines are mated to a six-speed manual, while the top three are hooked up to a six-speed DCT, but they all come with 4Motion all-wheel drive as standard. All but the base TSI model boast a towing capacity of 1,800 kg, enhanced by a Trailer Assist system that automatically lines the vehicle up to a trailer. It even comes equipped with an off-road mode that incorporates Hill Start Assist and Hill Descent Assist to make any journey across the Alps a breeze. Wolfsburg / Geneva, 19 February 2015 World premiere of the new Passat Alltrack All-wheel drive all-rounder combines the best of on-road and off-road driving - Passat Alltrack: 100 per cent 4MOTION – from 150 PS to 240 PS - Superior off-road performance with off-road mode and all-wheel drive Ten important facts about the world premiere of the Passat Alltrack: 1. Permanent 4MOTION all-wheel drive as standard. 2. Distinctive off-road look with new bumpers, underbody protection, door sill and wheel arch trims. 3.

Watch Chris Harris in the electric VW ID.R waste a McLaren 720S

The Volkswagen ID.R doesn't have much in common with a McLaren 720S, other than the fact that they are both performance-crazed cars. One gets its power from batteries, the other from gas. One uses electric motors, the other a twin-turbocharged 4.0-liter V8. One is a halo prototype vehicle, the other is a road-legal supercar available for purchase. So when Chris Harris and "Top Gear" decided to "race" the two against each other, it was more of a demonstration of the VW's unreal capabilities than any sort of real competitive faceoff. In episode five of Top Gear's 28th season, which just aired February 23, the trio of Harris, Freddie Flintoff and Paddy McGuinness welcomed Youtuber KSI on the show and ventured out on a luxury sports car road trip with an Aston Martin, Porsche, and Ferrari. Separately, Harris took to the track to test out Volkswagen's golden egg of the moment, the ID.R. As VW fully launches into its electric-vehicle push, the ID.R is meant to exhibit what battery-electric technology is capable of. With two electric motors, one on the front axle and one on the rear axle, the 2,425-pound ID.R has four-wheel drive and makes a claimed 670 horsepower. As Harris notes in the video, the ID.R. was not built for a specific regulation-bogged racing organization or competition, and thus, it's only held back by the rules of Mother Nature and Father Physics. Since the car's debut, it has been annihilating records around the world, including at Pike's Peak, Goodwood, the Nurburgring, and Heaven's Gate. Chris Harris didn't set any records in the ID.R., but he certainly showed how outrageous this machine is. The 710-horsepower 720S can go from zero mph to 62 mph in less than three seconds, and the ID.R has a sizable lead within that same time. Again, this wasn't an instance of test-and-conclude, it was a show of perspective. The ID.R is a race car, so even though the 720S is one of the best supercars in the world, it never stood a chance. See for yourself above. Related Video: