2018 Porsche Cayenne Turbo Awd Sport Pkg Premium Plus W/connect Plus 13 on 2040-cars

Auto blog

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.

Volkswagen profit jumps as it warns of a cooling auto market

FRANKFURT, Germany — Volkswagen says its profits jumped 44% in the third quarter thanks to a more profitable mix of vehicles in its lineup but warned that global car markets are slowing more than expected and lowered its forecast for annual sales. After-tax profit rose to $4.42 billion (3.98 billion euros) as revenues rose 11% to $68.27 billion (61.42 billion euros). The sales margin of 7.8% exceeded the goal of 6.5-7.5% as vehicles bringing higher profits took a larger share of sales. The Wolfsburg-based automaker pointed to the headwinds facing the industry by saying that it expects "vehicle markets will contract faster than previously anticipated in many regions of the world." It said sales would be "on a level" with last year's record of 10.8 million vehicles. Previously it had expected a slight increase. The company said its profits would be in the lower end of its forecast range. Global automakers are facing a slowdown in sales amid disputes over trade and from pressure in the European Union and China to develop and sell low-emission vehicles that require heavy investment in new technology. Ford and Renault have issued profit warnings in recent days, while Daimler, maker of Mercedes-Benz luxury cars, lost money in the second quarter and is expected to outline a cost-cutting strategy for investors on Nov. 14. Volkswagen is leading the push into electric vehicles in Europe by launching its ID.3 battery-powered compact car at prices it says will make zero local emission vehicles a mass phenomenon. The company was able to increase earnings in the quarter despite an 18% rise in spending on research and development.

Chris Harris condemns demonization of Porsche Carrera GT in wake of Walker death

When something bad happens, it's easy to resort to scapegoating. At least for some of us, that seems to be exactly what has happened following the tragic death of actor Paul Walker and racer Roger Rodas, who were killed on November 30 in a Porsche Carrera GT. Even though officials have not yet determined the cause of the crash, that isn't stopping many theories from being put for - theories that include blaming the Porsche supercar. Rather predictably, not only is the CGT's difficult nature getting examined, but indeed, the nature of all high-performance cars is being put under the public's microscope, with some wondering what the need for all the power is.
A Google search of "Porsche Carrera GT" will find no shortage of articles about the razor-sharp handling and outright speed of the CGT. Pistonheads' Chris Harris has a different, insightful take on both the Carrera GT and the nature of all fast cars. He reflects on the matter, ironically, en route to drive the successor to the car that killed Walker and Rodas, the 900-horsepower 918 Spyder hybrid supercar.
We think it's well worth a read, as it makes a number of good points about modern high-performance automobiles and the way they're used. Click over and take a look.