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$1.4B hedge fund suit against Porsche dismissed

Investors have canvassed courts in Europe and the US to repeatedly sue Porsche over its failed attempt to take over Volkswagen in 2008 (see here, and here and here), and they have repeatedly failed to win any cases. You can add another big loss to the tally, with Bloomberg reporting that the Stuttgart Regional Court has dismissed a 1.4-billion euro ($1.95B US) lawsuit, the decision explained by the court's assertion that the investors would have lost on their short bets even if Porsche hadn't misled them.
Examining the hedge funds' motives for stock purchases and the bets that VW share prices would fall, judge Carola Wittig said that the funds didn't base their decisions on the key bits of "misinformation," and instead were participating simply in "highly speculative and naked short selling," only to get caught out.
With other cases still pending, the continued streak of victories bodes well for Porsche's courtroom fortunes, since judges will expect new information to consider overturning precedent. If there is any new info, it could come from the potential criminal cases still outstanding against former CEO Wendelin Wiedeking and CFO Holger Härter, who were both indicted on charges of market manipulation.

Porsche will sacrifice profit growth to fund EV development

Porsche is so serious about developing electrified vehicles that it's willing to sacrifice big jumps in profits to fund the investment. After a massive upgrade to the Zuffenhausen plant, the company will build the Mission E EV (above) there in 2020. "Therefore it's clear that we can no longer carry out major leaps on results," the CEO Oliver Blume said about the automaker's financial growth, according to Reuters. Porsche will invest 1.1 billion euros ($1.2 billion) through 2020 to make additional electrified vehicles possible. Around 700 million euros ($765 million) will go into the Zuffenhausen factory to build a new paint shop, assembly plant, and upgrade the engine factory to produce electric motors for hybrids and EVs. The expansion will also bring all Cayman and Boxster assembly under one roof. Outside of Zuffenhausen, the money will improve the research and development center in Weissach and update the sales and marketing department in Ludwigsburg. Blume said Porsche has "many new products in the pipeline," according to Reuters, and he wants as many of those as possible available with some level of electrification. In addition to the Mission E, there are rumors the company might build a 911 plug-in hybrid as soon as 2018. While Blume doesn't forecast big jumps in profits, Porsche should still remain financially successful in the coming years. The automaker doesn't report its 2015 earnings until March 11, but Reuters reports the company's global deliveries topped 200,000 vehicles for the first time ever last year, which could push its operating profit well above 2014's 2.72 billion euros ($3 billion at current rates). Related Video:

Editors' Picks June 2024: Some German SUVs and an excellent sports car

This month sees some recently-refreshed luxury SUVs join the list of Editors' Picks. Both the BMW X5 and Porsche Cayenne are fresh for 2024, and both are extremely tempting luxury performance SUVs for the well-off buyer. The vast array of powertrains available for both of them ensure there's a version for all comers, and any enthusiast would adore the extra-high-performance versions of both. Of course, enthusiasts will enjoy the last car on this month's list the most with the Lotus Emira. It's simply spectacular to drive, and we can't recommend it enough to the hardcore driver. In case you missed previous Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get an EditorsÂ’ Pick designation. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. You'll find the entire list of Editors' Picks at this link here, which we keep updated as cars are either added or dropped from the list. The vehicles youÂ’ll find below consist of every car we rated in June that earned an EditorsÂ’ Pick. 2024 BMW X5 2024 BMW X5 M Competition View 41 Photos Quick take: The X5 is most desirable in its PHEV and M60i V8 trims, but the whole lineup is extremely competent and brings together excellent performance, excess luxury and cutting-edge tech for its segment. Score: 7.5 What it competes with: Mercedes-Benz GLE, Porsche Cayenne, Range Rover Sport, Maserati Levante, Genesis GV80, Audi Q8 Pros: Superb to drive with knockout powertrains; excellent utility and creative features; styling is sporty and attractive but not over the top Cons: Infotainment system can be a pain; M Competition model is a little over the top; gets pricey quick with options From the editors:  Senior Editor, Electric John Beltz Snyder — "I really like the dual-opening liftgate/tailgate combo. The liftgate portion up top opens quickly, allowing you to throw something inside or grab something out of the back. Flipping down the lower tailgate part gives you a nice place to sit and change shoes. Another benefit is that you can open the liftgate without unsecured items immediately falling out. And with the way the X5 M Competition encourages you to drive it hard, you will end up shifting loose cargo around at some point." Road Test Editor Zac Palmer — "I'd snag the X5 M60i out of all the various X5 variants.