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Former Porsche execs charged with stock manipulation in Germany

The ongoing indictment of top Porsche executives for alleged stock manipulation during the attempted takeover of Volkswagen has taken years to reach an actual decision, but a trial date has finally been set for October 22. In addition to former CEO Wendelin Wiedeking (pictured above) and ex-CFO Holger Haerter, prosecutors have also added Anton Hunger, who was communications boss at the time, to the list of those charged, according to Reuters. The men purportedly made false statements to investors about plans to acquire 75 percent of VW stock. The prosecutor also dropped charges against Ferdinand Piech and Wolfgang Porsche in the same case, Reuters reports. The two Porsche family members were on the company's board at the time, but investigators found that they had no role in making the false statements. If found guilty, the former Porsche execs could face up to five years in prison. As expected, lawyers for Wiedeking and Haerter have repeatedly denied any wrongdoing by their clients. The investigation into Porsche SE's actions during the failed VW takeover go back to at least 2009 when the firm's offices were raided. Wiedeking and Haerter were eventually indicted in 2012. A Stuttgart court initially dismissed the case for lack of evidence, but in 2014 that decision was reversed on appeal. At the same time, investors have brought multiple civil lawsuits against the company, but none of those cases have been successful.

Happy 60th to the VW Karmann Ghia

Volkswagen's product portfolio may be as extensive these days as any other carmaker in the business. But if you still think of the original Beetle as synonymous with the brand, that's probably because a) you're old and b) the Beetle was the company's only product until the mid-50s.
Sixty years ago Wilhelm Karmann (founder of the eponymous coachbuilder) was in Paris for the auto salon and met up with Luigi Segre and his team from Carrozzeria Ghia who showed him what was essentially a "Beetle in a sports coat." A month later they showed it to Volkswagen chief Heinrich Nordhoff who, setting aside his conservative tastes, approved it for production. And so the Volkswagen Karmann Ghia was born, giving the German marque a second product line. It still used Beetle mechanicals and was built at the same Karmann factory in Onsabrück that was already assembling the Beetle Cabriolet.
It took another couple of years to put the design into production, but from 1955 to 1974, Volkswagen and Karmann built 362,601 coupes and 80,881 of the subsequent convertible that arrived in 1957. Today the Onsabrück factory is part of the VW Group, handling production of the Golf Cabriolet, XL1 and Porsche Boxster and Cayman, and with that original Karmann Ghia prototype as part of its factory collection.

Berlin demanding costly German recall of 12 million diesel cars

BERLIN - Germany's Transport Ministry is in talks with car manufacturers about updating the engine management software of up to 12 million diesel vehicles, people familiar with the talks told Reuters on Monday. The cost of updating cars could amount to as much as 1.5 billion to 2.5 billion euros ($1.7 billion to $2.8 billion), and the ministry is demanding that vehicles with engines conforming to the euro-4, euro-5 and euro-6 standards be part of the recall, government sources said. The German government has demanded that the auto industry shoulder the costs of the update and is pushing for a solution to be presented before German elections on Sept. 24. The ministry is in talks with German auto industry associations VDA and VDIK as well as representatives from local governments to try and cut nitrogen oxide pollution by about 25 percent, the sources said. The talks come amid growing opposition to diesel in the wake of an emissions cheating scandal at Volkswagen. Several European cities including Stuttgart and Munich have considered banning some diesel vehicles because of emissions of nitrogen oxides, which are blamed for causing respiratory disease. ($1 = 0.8942 euros) Reporting by Markus WacketRelated Video: Government/Legal Green Audi BMW Mercedes-Benz Porsche Volkswagen Emissions Diesel Vehicles dieselgate