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Investors storm Volkswagen with $9 billion in lawsuits

Volkswagen's investors are latest group to take up pitchforks against the embattled automaker, and they're seeking $9 billion in damages, Reuters reports. The investor lawsuits were filed in a court in Braunschweig, Germany, near Volkswagen's Wolfsburg headquarters. On Monday, the first business day following the anniversary of the emissions revelations, the court received 750 lawsuits alone. All told, about 1,400 lawsuits have been filed. The largest single claim totals $3.7 billion and was filed more than six months ago. The lawsuits stem from complaints that Volkswagen didn't divulge information on the cheating software to investors quickly enough. Volkswagen has said that it hasn't broken any capital market laws. The $21.5 billion the company set aside to weather the storm may not be enough. The consumer fix is estimated to run the company $14.7 billion, either through buybacks or a fix that still seems unclear. In addition to the lawsuits, Volkswagen CEO Matthias Mueller confirmed that Audi boss Rupert Stadler is under investigation regarding the scandal. Mueller refused to give further details, but this shouldn't come as a surprise to anyone. Audi has admitted that its 3.0-liter V6 was equipped with the same emissions-cheating software as the 2.0-liter four-cylinder diesels. Stefan Knirsch, Audi's head of development, has been suspended as part of the overall investigation. Knirsch took over duties after his predecessor quit. Knisch was previously head of engine development at Audi. Related Video: News Source: Reuters Green Hirings/Firings/Layoffs Audi Volkswagen Emissions Diesel Vehicles vw diesel scandal

Porsche hybrids come up short at Le Mans

Two cars, one finish, zero victories. That's a brief synopsis of Porsche's hybrid-vehicle performance in the 24 Hours of Le Mans race in France. There's always next year. Porsche entered two 919 Hybrid vehicles in the race. The No. 14 car essentially limped to the finish line after encountering drivetrain problems. The other Porsche hybrid, No. 20, was driven by Germany's Timo Bernhard, New Zealand's Brendon Hartley and Australia's Mark Webber. That car ran for more than 22 hours before its own powertrain issues did that racing team in for good. Both vehicles ran towards the front of the pack at times during the race, and the No. 20 car actually led the race after about 20 hours. Still, both teams said they were disappointed in the results. Porsche sister company Audi came up big for the 13th time in the race's long and storied history. One Audi R18 E-Tron Quattro won the race, while another finished second. The Toyota that had pole-position and was winning much of the race shut down after 15 hours of racing because of electrical issues and Nissan had trouble with is ZEOD RC. Check out Porsche's press release below, and read here for a more general race recap. STRONG PERFORMANCE BY PORSCHE 919 HYBRIDS BUT NO DREAM ENDING IN PROTOTYPE RETURN TO LE MANS Le Mans. After a strong performance by both Porsche 919 Hybrids, the Porsche Team was left empty-handed after a dramatic final stage of the race. Following more than 22 hours, car No. 20 driven by Timo Bernhard (Germany), Brendon Hartley (New Zealand) and Mark Webber (Australia) suffered a powertrain problem at the world's most famous endurance race, the 24 Hours of Le Mans. Earlier in the race the LMP1 class car was leading overall for a significant period of time. The second innovative and highly complex prototype – in the hands of Romain Dumas (France), Neel Jani (Switzerland) and Marc Lieb (Germany) – likewise proved to be very competitive, but was hampered by a drivetrain problem. However, their No. 14 car crossed the finish line under its own power. After a thrilling start to the race with changing weather conditions, numerous accidents and a relatively calm night, Bernhard took the overall lead in the No. 20. The longtime Porsche factory driver returned to the top spot after 20 of the 24 hours. At 12:36 (CET) on Sunday, he handed the leading car over to Webber. Less than 20 minutes later the Australian was forced to slow down and drove solely on electric power back to pit lane.

Audi previews sleek crossover concept ahead of Beijing debut

With the Beijing Motor Show approaching just a couple of weeks down the road, automakers have begun announcing the concept cars they have in store. Nissan has a new sedan concept coming, Lexus will reveal the production NX crossover and Citroën has a tempting sports sedan concept lined up for the Chinese auto expo. And now Audi has hinted at what it has in store.
Revealing only a trio of renderings with no details to accompany them so far, Audi appears to have a new crossover concept in the works. Referred to only as the Audi Showcar Beijing 2014, the brief calls for a five-door crossover with a rather coupe-like roofline, rugged lower body cladding and a flexible cabin with quad bucket seats.
The form bears telltale similarities to the new TT, suggesting that this concept could be a further evolution of the Allroad Shooting Brake concept that Audi revealed in Detroit. If put into production, we could see it wearing the Q4 badge, giving Ingolstadt a rival to the likes of the BMW X4, Porsche Macan and Range Rover Evoque. However, until Audi tells us otherwise, that's all speculation...