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Porsche board members facing another ˆ1.8B lawsuit over VW takeover bid

Back in 2008, Porsche got the bright idea that it could take over Volkswagen in the midst of the worst economic slump since the Great Depression. Ignoring that this was a catastrophic move for the Stuttgart sports car manufacturer that that eventually resulted in it nearly going bankrupt and eventually being taken over by the same company it sought to control, the aftermath has left Porsche Chairman Wolfgang Porsche and board member Ferdinand Piëch in the crosshairs of seven hedge funds that lost out during the takeover and are now seeking €1.8 billion - $2.43 billion US - in damages from the two execs, according to the BBC.
See, investors bet on Volkswagen's share price going down, partially because Porsche said it wasn't going to attempt a takeover. But Porsche was attempting to take over VW, having bought up nearly 75-percent of VW's publicly traded shares. When word broke that Porsche owned nearly three-quarters of VW (which indicated an imminent takeover attempt), rather than go down like the hedge funds bet it would, VW's share price skyrocketed to over 1,000 euros per share, according to Reuters.
Naturally, when you bet that a company's share price is going to drop and it in turn (temporarily) becomes the world's most valuable company, you lose a lot of money, unless you're able to buy up shares before prices jump too much. This led to a squeeze on the stock, which the hedge funds accuse Porsche and Piëch (who are both members of the Porsche family and supervisory board) of organizing.

Jay Leno takes an in-depth look at a 1964 Porsche 356C restomod

Look nearly anywhere at Dr. Anand Rajani's 1964 Porsche 356C, even the engine, and you would never realize that it boasts around 50 percent more power than stock. There's no sign of any other mods to make the drive a bit more modern, either, but they're there. The car's invisible upgrades result in an amazing transformation of a car that started out pretty great to begin with, and Jay Leno can't seem to get enough of driving this beautiful, gray coupe with restorer John Willhoit. Before going for a drive, Leno takes a deep dive into the details of this Porsche's modifications, particularly of its engine. The result of all the work is a mill that looks visually stock but actually boasts a significant jump in displacement. Willhoit admits this is particular one is a fairly conservative build but output still reaches 145 horsepower and 145 pound-feet of torque. If you're worried that Jay's CNBC show might have a detrimental effect on the quality of the Jay Leno's Garage YouTube video series, then here's your answer. For vintage Porsche fans interested in the nuts and bolts of making them even better, it's hard to imagine Leno making a better clip than this one.

Porsche production will stay in Germany, says sales chief

At Porsche's recent opening of its new North American headquarters in Atlanta, we had a chance to chat with Bernhard Maier, the brand's head of sales and marketing. In our interview Maier opens up about Porsche's global growth, relationship with other Volkswagen Group products, and some of Porsche's future video. Read on for more. Autoblog: You're on a smooth trajectory of increasing sales in the US. Do you think there's an ultimate cap for Porsche in terms of volume? Bernhard Maier: If you look at the last couple of years, we have really seen a rapid growth in US, as we have seen in many other countries as well. Put that in perspective with our strategy for 2018. When we released that in early 2011, we said there are opportunities to grow for the brand in a number of ways. We are growing by entering new markets where we are not yet in, by taking part in the overall development of individual mobility, and in going in new segments where we are not yet in or that we were not yet in, such as the B SUV segment. And the Macan is, I think, a through-and-through success story. Let's take the US. Out of 1,000 inhabitants compare that with 700 cars on the marketplace. If we go to China, there are only 70 cars out of 1,000 inhabitants. So this is a huge potential, which we still have for the entire automotive industry and, again, we are in China now for 14 years. We started off in 2001, selling 226 cars. Last year, we did more than 27,000 units. With the economic recovery of the United States, we saw a tremendous comeback of the entire economy and also for the car industry. We took advantage of that as well in handling new segments like the Macan and in bringing more varieties in our already existing cars, so it gave us the opportunity to grow in America as well. AB: In terms of the portfolio, and speaking of Macan, are there other segments that Porsche will be expanding? Are any segments off limits? BM: We do have the number of ideas I can tell you, but we are not decided on what level [and] we are not talking about them. Let's look at our current model line-up. I think it's the most interesting one we've ever had in the history of the company. We do have a lot of derivatives in the 911 model lineup, we do have some derivatives in the Boxster and Cayman segment. There are some new ideas, which, as I've mentioned already, have not been decided yet. AB: Right. Is there any potential that we'd see something from the group MQB platform?