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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."

Porsche recalling 24,500 Panameras for a potential HVAC coolant pump issue

A possible coolant pump problem for the HVAC system is causing Porsche to recall 24,467 units of the Panamera from the 2017 to 2020 model years. Bentley's recalling 650 examples of the sibling 2020 Continental GT for the same issue. Porsche was notified of a malfunction in the external heat pump for the Panamera's climate control in December 2022. An automaker investigation found that it's possible for excess humidity or even liquid to get past the pump seals and short out the pump's circuit board and connector. In rare instances, the malfunction could cause a fire. This can happen even when the engine is turned off because the cars in question are equipped with a residual heat function that keeps warming the cabin after shutdown. Panameras built after July 26, 2021 were fitted with a different pump. The Stuttgart carmaker's field analysis showed "a very small number of instances of thermal damage possibly attributable to this issue." Bentley changed the part in July 2019 to a model with a pressure compensation seal. Porsche said it will begin notifying owners on March 27. It also said it will reimburse any Panamera owners who have paid to have the part fixed previous to this recall. The fix is a trip to the dealer for a new pump with better sealing, sourced from a new supplier. Bentley will begin notifying owners on the same day. In Bentley's case, though, the automaker says "A hardware change will be required but the final solution is currently under investigation and cannot be confirmed at this time." Since the automaker moved to a new pump that isn't part of the recall population, we aren't sure why a resolution remains under investigation. Porsche owners can contact Porsche customer service at 800-767-7243 and refer to internal recall number APA1. Bentley owners can call 800-777-6923 and refer to RE23/02 (RC67). Anyone in that group can go straight to the National Highway Transportation Safety Administration at 888-327-4236 (TTY 1-800-424-9153) or nhtsa.gov, citing campaign number 23V033 for the Panamera or 23V034 for the Bentley. Related video:

Audi CEO's Dieselgate arrest threatens fragile truce among VW stakeholders

FRANKFURT — The arrest and detention of Audi's chief executive forces Volkswagen Group's competing stakeholders to renegotiate the delicate balance of power that has helped keep Audi CEO Rupert Stadler in office. Volkswagen's directors are discussing how to run Audi, its most profitable division, following the arrest of the brand's long-time boss on Monday as part of Germany's investigations into the carmaker's emissions cheating scandal. The supervisory board of Audi, meanwhile, has suspended Stadler and appointed Dutchman Bram Schot as an interim replacement, a source familiar with the matter said on Tuesday. Schot joined the Volkswagen Group in 2011 after having worked as president and CEO of Mercedes-Benz Italia. He has been Audi's board member for sales and marketing since last September. The discussions risk reigniting tensions among VW's controlling Piech and Porsche families, its powerful labor representatives and its home region of Lower Saxony. VW has insisted the development of illegal software, also known as "defeat devices," installed in millions of cars was the work of low-level employees, and that no management board members were involved. U.S. prosecutors have challenged this by indicting VW's former chief executive Martin Winterkorn. Stadler's arrest raises further questions. Audi and VW said on Monday that Stadler was presumed innocent unless proved otherwise. Munich prosecutors detained Stadler to prevent him from obstructing a probe into Audi's emissions cheating, they said on Monday. Stadler is being investigated for suspected fraud and false advertising. Here are the main factors deciding the fate of Audi. Background: Audi's role in Dieselgate Volkswagen Group was plunged into crisis in 2015 after U.S. regulators found Europe's biggest carmaker had equipped cars with software to cheat emissions tests on diesel engines. The technique of using software to detect a pollution test procedure, and to increase the effectiveness of emissions filters to mask pollution levels only during tests, was first developed at Audi. "In designing the defeat device, VW engineers borrowed the original concept of the dual-mode, emissions cycle-beating software from Audi," VW said in its plea agreement with U.S. authorities in January 2017, in which the company agreed to pay a $4.3 billion fine to reach a settlement with U.S. regulators.