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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.

Next VW Camper van concept to be electric

The next-generation Volkswagen Transporter workhorse van (teased above) debuts on April 15, but VW is also working on a more retro-inspired van concept that would be motivated by electric power. Dr. Heinz-Jakob Neusser, Volkswagen development boss on the automotive giant's board of management, described the upcoming Camper concept to Autocar at the New York Auto Show. On the outside, the model would feature a wide D-pillar, boxy design and small front overhang to maintain a classic look. "The distance from the A-pillar to the front end must be very short," he said to Autocar. For power, an electric motor would spin the front axle, and the batteries would be located under the floor. Dr. Neusser was clear that the electric van was just a concept but didn't say when it might debut. He also didn't indicate if the vehicle shared a platform with the new T6 or some over model in the company's lineup. VW has been toying with building a retro-style van for over a decade. In 2001, it showed the Microbus concept, and a decade later there was the Bulli. Neither of them ever actually saw production.

Here’s how 20 popular EVs fared in cold-weather testing in Norway

Electric vehicles are known to suffer diminished performance in cold weather, but some do a better job than others hanging onto their range capacity while cabin heaters and frigid outdoor temperatures sap power from their batteries. Recently, the Norwegian Automobile Federation put the 20 of the best-selling battery-electric vehicles in the country to the test, to see not only how winter weather affected their range but also their charging times. The major findings: On average, electric vehicles lost 18.5% of their official driving range as determined by the European WLTP cycle. Electric vehicles also charge more slowly in cold temperatures. And interestingly, the researchers learned that EVs don’t simply shut down when they lose power but instead deliver a series of warnings to the driver, with driving comfort and speed levels maintained until the very last few miles. Because itÂ’s Norway, the worldÂ’s top market for electric and plug-in hybrid vehicles by market share, the test included many EVs that arenÂ’t available here in the U.S. But there are many familiar faces, among them the Nissan Leaf, Tesla Models S, 3 and X, Hyundai Kona (known here as the Kona Electric) and Ioniq, and Audi E-Tron. In terms of range, the top-performing EV was the Hyundai Kona, which lost only 9% of its official range, which the WTLP rated at 449 kilometers, or 279 miles, compared to its EPA-rated range of 258 miles on a full charge. It delivered 405 km, just enough to nudge it ahead of the Tesla Model 3, which returned 404 km. Other top performers included the Audi E-Tron, in both its 50 Quattro (13% lower range) and higher-powered 55 Quattro (14% lower) guises; the Hyundai Ioniq (10% lower); and Volkswagen e-Golf (11% lower). At 610 km (379 miles) the Tesla Model S has the longest WLTP range of all models tested and went the furthest, but still lost 23% of its range, though it also encountered energy-sapping heavy snow at the end of its test, when many cars had dropped out. The Model 3 lost 28% of its range. The worst performer? That goes to the Opel Ampera-e, better known stateside as the Chevrolet Bolt. It traveled 297 km (about 184 miles) in the test, which was nearly 30% lower than its stated WLTP range. We should also note that Opel, now owned by Groupe PSA, is phasing the car out in Europe and that Chevy recently upgraded the Bolt here in the U.S.