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Former Porsche boss Wiedeking won't face criminal charges over VW bid

Hedge fund managers have been suing Porsche for years now, alleging that the car company lied about its intentions during its failed attempt to take over Volkswagen, a gambit that caused them billion in losses. Over the same period, authorities in Stuttgart built a criminal case against former CEO Wendelin Wiedeking (above, left) and Chief Financial Officer Holger Härter (right), filing charges in December 2012. When those fund plaintiffs lost their most recent court case, one of the dimming lights in the dark and receding tunnel was that the criminal investigation might unearth more evidence about Porsche's actions that could help the plaintiffs in pending litigation.
Bloomberg reports that another light has gone out, though, with a Stuttgart court dismissing the market manipulation case before going to trial because, as a court spokesperson said, "there wasn't enough evidence backing up the charges." When prosecutors get the files back from the court, they have a week to decide to refile, but unless they've been sandbagging evidence that could bolster the case, the only lights at the end of the tunnel will be those welcoming Wiedeking and Härter back to the world of legally unencumbered men.

Automakers paying Chinese dealers for lower-than-expected sales

The Chinese dealers vs. foreign manufacturers story won't quit. It began with a story on the struggles faced by FAW-Toyota joint venture dealers, with supposedly 95 percent of the showrooms losing money, and 10 percent of them doing so poorly that they'd have to exit the business. The problem is mandated sales targets, most set when the country's economy was racing. Now that things have slowed, China's dealers are swimming in unsold cars and the costs to keep them. In the case of FAW-Toyota, dealers asked Toyota to hand over 2.2 billion yuan ($355 million) to help address the situation. That was followed by a report noting the issues that Honda, BMW, and Nissan dealers are having with the same issue, revealing that the Chinese Automobile Dealers Association (CADA) had taken the highly unusual step of writing to the Chinese government to complain. Now Reuters reports that CADA is not only pressing its case even harder, it's being open about it: it announced that BMW agreed to pay dealers 5.1 billion yuan ($820 million) to alleviate poor profits last year. Unnamed sources said Audi has thrown 2 billion yuan into the kitty for subsidies, and Daimler has contributed "about 1 billion yuan" to its dealers. The battle isn't just about 2014, but how business will be run in 2015 as well: Chinese Porsche dealers have requested the automaker lower its 2015 target of 64,000 cars, which would be a 40-percent increase on its 2014 sales of 46,931 vehicles. One analyst called it "shocking" that the CADA has taken its fight public, while CADA comments continue to imply that dealers have been railroaded to the cliff's edge without recourse. "Due to the difference in status," it's deputy secretary said, "individual dealers are not willing to, or don't dare to, talk frankly with the carmakers...." Both parties need one another, so they'll figure out a way to make it work – but that could mean acknowledging the Chinese market is behaving more like a mature one, not an emerging one. News Source: ReutersImage Credit: Lintao Zhang/Getty Images Earnings/Financials Audi BMW Porsche Toyota Car Dealers Luxury

McLaren boss' exclusive Porsche 935 Street is worth three 911 Turbos

McLarens may be exclusive, but there are still hundreds - if not thousands - of people out there who can say they own one. Mansour Ojjeh is one of them, but he doesn't just own a McLaren - he owns McLaren. As in, the company that makes the racing and exotic supercars. Or 25 percent of it, anyway. As the head of Techniques d'Avant Garde, Ojjeh is one of the British outfit's largest shareholders, previously having owned Heuer watches (before selling it to luxury giant LVMH) and engineered Porsche's most successful foray into Formula One - winning the world drivers' championship three times in a row and the constructors' title twice with Alain Prost and Niki Lauda behind the wheel of McLarens with Porsche engines developed and branded by TAG.
In short, he probably could get any McLaren he wanted at the drop of a hat, but also had strong ties to Porsche in the 80s, and this is the car he wanted. It's called the Porsche 935 Street, and it's the only one ever made. Inspired by the 935 racer that won Le Mans and over 120 other races, Ojjeh contracted Porsche Exclusive when it was still in its infancy to make him one for the road. So they took a 930 bodyshell, slotted in the 3.3-liter turbo flat-six from the 934 but cranked output up to 375 horsepower, and gave it the brakes, suspension, BBS wheels and wide-body aero from the 935 racer. They painted it a deep metallic red and trimmed the interior with cream leather and wood veneer.
When all was said and done, a total of 550 modifications were performed, detailed on a seventeen-page invoice and costing as much as three new 911 Turbos at the time. Ojjeh only put 12,000 miles on the odometer, running up and down the French Riviera, and has now put it up for sale at the upcoming Bonhams auction at Spa where it's tipped to fetch upwards of 300,000 euros - equivalent to $410k at today's rates, or, once again, the price of about three new 911 Turbos.