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Porsche's former CEO Wiedeking to stand trial over VW-share manipulation

Former Porsche CEO Wendelin Wiedeking (left in the above photo) could potentially be facing some time in the slammer after all. The last we had heard, he and former Chief Financial Officer Holger Haerter (right) had avoided a trial in April due to a lack of evidence. However, an appeals court in Stuttgart has looked at the case again and overruled the earlier decision, finding that the executives should be tried for share manipulation during Porsche's failed attempt to take over Volkswagen in 2008, Bloomberg reports.
The judges in the appeal "list numerous indications that could suggest that there was a hidden decision to increase the stake as they could suggest the opposite evaluation by the lower court," said Stefan Schueler, a spokesperson for the court, in a statement cited by Bloomberg. Wiedeking and Haerter put out their own releases saying that there was no merit to the charges.
The prosecutors allege that Wiedeking and Haerter had a plan to buy up VW stock options in 2008 to take the automotive giant over but hid it from investors. The whole thing was a massive failure and eventually allowed VW the chance to acquire Porsche and forced the two execs to step down. In addition to the criminal investigation, hedge funds have attempted to sue the company multiple times in civil court for the same reason, but they have repeatedly failed.

Nissan Z, the new Genesis G90 and some exciting future EVs | Autoblog Podcast #755

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer. Greg has been spending time in the 2023 Nissan Z in Performance trim this week alongside a pair of Volvos — the 2023 S60 Recharge and 2023 V60 Cross Country. Meanwhile, Zac has been driving the stately and lovely Genesis G90. Next, they talk about the news, starting with the latest happenings in the Formula 1 world — Zac recently returned from the USGP down in Austin, Texas. The talk transitions to a preview of the Los Angeles Auto Show coming next week before leading into the reveal of the all-electric 2024 Volvo EX90. Lastly, the pair discuss the spy shots of the electric Porsche Boxster and dig into what it means to finally have an electric convertible on the way. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #755 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2023 Nissan Z Performance 2023 Genesis G90 2023 Volvo V60 Cross Country 2023 Volvo S60 T8 Recharge News Formula 1 in America — the latest LA Auto Show Preview 2024 Volvo EX90 revealed Electric Porsche Boxster spy shots — first look Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Porsche skipping 2017 Detroit Auto Show

Porsche is going to pass on the annual North American International Auto Show in January 2017. The news was first reported on Tuesday by Germany's Auto Motor und Sport. NAIAS spokesman Max Muncey confirmed the report to Autoblog. According to Automotive News, Porsche will shift its auto show focus to April's New York International Auto Show and November's Los Angeles International Auto Show. Chicago Auto Show spokesman Dave Sloan reached out to Autoblog to add that Porsche is doubling the size of its exhibit in the Windy City. According to AN, Porsche "viewed the cost and value of participating in the Detroit auto show were no longer viable." See, Detroit is big on news and debuts instead of ultra-impressive ticket sales. But over 1 million people passed through the doors of the Jacob Javits Center in New York last year, just under 200,000 more than in the Motor City. LA, meanwhile, is Porsche's biggest US market, which explains the loyalty. In other words, Detroit's great for debuting cars, but without anything new Porsche can get more cluck for its buck by reallocating resources to New York and LA. If Porsche's rationale sounds familiar, it's because it is. Jaguar Land Rover, Mini, and Tesla used Detroit's heavy focus on new vehicle introductions and its relatively small attendance to skip the 2016 North American International Auto Show in favor of shows with higher attendance. Porsche previously skipped the 2009 NAIAS, citing similar reasons. Related Video: News Source: Automotive News - sub. req.Image Credit: Patrick T. Fallon/Bloomberg via Getty LA Auto Show Detroit Auto Show New York Auto Show Porsche confirmed 2017 Detroit Auto Show