1978 Porsche 911 Coupe on 2040-cars

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Former Porsche CEO Wiedeking indicted over VW takeover bid

Do you recall the failed efforts by Porsche to take over Volkswagen? According to a Bloomberg report, former Porsche CEO Wendelin Wiedeking (above) and ex-CFO Holger Haerter have finally been charged with market manipulation over the exercising of options as part of the German sportscar manufacturer's ill-fated attempt to take over the much larger VW. That failed bid eventually resulted in the reverse coming true - VW swallowing Porsche.
The charges leveled by Stuttgart prosecutors come after a three-year investigation centered around allegations that Porsche execs made a concerted effort to increase the company's share in VW to 75 percent in preparation for a hostile takeover. Porsche had previously told its investors on at least five occasions that it had no intention to buy VW.
Portions of the investigation have subsided, according to prosecutors, citing an inability to prove certain improprieties with a "necessary degree of certainty." The number of charges is down to 5 from a previous 14 counts regarding "information-based market manipulation."

Exclusive: The first Porsche 911 Targa restored by Singer

We love Singer. Frankly, if you're a Porsche guy, or just a car guy, and have seen any of the Porsche 911s that have been restored and "reimagined" by the Californian company, you probably do too. So you can imagine our excitement in getting an exclusive first full look at the latest Porsche 911 restored by Singer. The car you seen in the photographs above is a special thing beyond the obsessive Singer restoration treatment. It's the first Targa the company has ever restored. Plus, this car is one of the first with a modified 4.0-liter flat-six, making around 390 horsepower and 315 pound-feet of torque. With a body clad mostly in carbon fiber, the ultra-lightweight Targa is as modern under the skin as it is retro to the casual observer. The liquid-pewter beauty makes its debutant turn tomorrow at the Goodwood Festival of Speed. We sat down with Singer founder, Rob Dickinson, to pick his brain about the new Targa, where his love of Porsches started, and about the punk-rock car company he's building in SoCal. Autoblog: Tell us a little bit about the car. It's a 911 Targa, obviously, but tell us about what's special beyond that. Rob Dickinson: This is the first time one of our clients has requested that we restore his Targa rather than his coupe and so we did. We always had hopes that we could get our fingers on a Targa and it's the first of a few that are coming down the line now, such that you'll see the second one at Pebble Beach in August. It's basically a faithful rendition of the work that we do on the coupes. The Targa presents us with new challenges, but also an opportunity to add our jewelry to the car. Obviously, that iconic Targa hoop – that was rendered in stainless steel on the original 911s in '65 – we now render that in nickel, which is I guess part of our calling card, our signature. All the brightwork we do on the coupes is in nickel and we're following that principle with the Targas as well. Just for the sake of injecting a little bit of uniqueness into the Targa hoop, we render it with two cool, air-filtering louvers, rather than three, which the early 911 had. Which we thought was a cute little touch that is somewhat different from the early 911s and very different from the later 964, which didn't have any louvers in it at all. AB: That's Porsche nerdiness in the extreme. In a good way. RD: Thank you, yeah. It's one of those things that won't be noticed by many but will be noticed by a few, and that's an insider's thing.

VW internal investigation finds 'no evidence' against suspended engineers

Volkswagen is still working out the chain of events that led to emissions-evading software being installed in 11 million diesel vehicles worldwide and deciding who was responsible for the treachery. So far, the German automotive giant's internal investigation hasn't publicly named many suspects, and three suspended executive-level engineers have been found not to be culpable in the wrongdoing, according to an anonymous insider speaking to Reuters. VW knows that the software began being installed in the EA 189 engine in 2008. The internal investigation has found that the emissions-evading tech was created because the powerplant was found to fail US standards. Plus, the diesel mill wasn't meeting cost targets, according to Reuters. The automaker responded by suspending over 10 employees, but three top engineers among them might not have been involved. Those put on leave include Heinz-Jakob Neusser from VW, Ulrich Hackenberg from Audi, and Wolfgang Hatz who led Porsche's research and group-wide engine development. The internal detective work hasn't turned up any evidence against these three men. In addition to VW's own inquires, government investigators in both the US and Germany are taking a serious look into the company's actions, too. So far, the automaker is setting aside about $7.3 billion to pay to fix the vehicles with the evasive software. Depending on what authorities find, the costs could grow quickly. Beyond the financial implications, the scandal has led to a serious shakeup in VW's corporate structure. Related Video: