2007 Volkswagen Rabbit 2.5 Hatchback 4-door 2.5l on 2040-cars

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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.

Volkswagen finds CO2 'irregularities' for 800k vehicles

The latest issue for Volkswagen affects another 800,000 vehicles, and this time its for irregularities in CO2 emissions certifications. VW estimates this issue could cost the company $2.2 billion to fix. The company officially makes no specific mention of which engines are covered, the models they are in, or even where they are located. VW discovered the situation during its ongoing internal investigation, and, according to the automaker, "it was established that the CO2 levels and thus the fuel consumption figures for some models were set too low during the CO2 certification process." Most of the affected vehicles are diesels, and the company is now reaching out to "the responsible type approval agencies" to figure out the next step. While VW isn't officially confirming which models and engines are involved, Automotive News reports that it affects some 2012 and later VW, Audi, Seat, and Skoda models with the company's 1.4-, 1.6-, and 2.0-liter diesel engines, as well as the 1.4-liter ACT gasoline engine. The issue mainly affects vehicles sold in Europe. "The Board of Management of Volkswagen AG deeply regrets this situation and wishes to underscore its determination to systematically continue along the present path of clarification and transparency," CEO Matthias Muller said in the announcement. Volkswagen Group of America spokesperson Jeannine Ginivan was able to provide some further clarification to Autoblog. "This is not related to US-certified vehicles," she said. Clarification moving forward: internal investigations at Volkswagen identify irregularities in CO2 levels Matthias Muller: "Relentless and comprehensive clarification is our only alternative." Around 800,000 Group vehicles could be affected Initial estimate puts economic risks at approximately 2 billion euros The Volkswagen Group is moving forward with the clarification of the diesel issue: during the course of internal investigations irregularities were found when determining type approval CO2 levels. Based on present knowledge around 800,000 vehicles from the Volkswagen Group could be affected. An initial estimate puts the economic risks at approximately two billion euros. The Board of Management of Volkswagen AG will immediately start a dialog with the responsible type approval agencies regarding the consequences of these findings. This should lead to a reliable assessment of the legal, and the subsequent economic consequences of this not yet fully explained issue.

Volkswagen and Porsche recall Touareg and Cayenne

The Basics: Volkswagen and Porsche will recall about 800,000 units worldwide of the 2011-2016 Touareg and Cayenne, according to Reuters. Of these, there are 88,300 Cayennes and 46,700 Touaregs in the US. The Problem: A securing clip on the brake pedal hinge could be missing. This can cause the pedal pivot pin to move, and "the pedal could lose guidance," according to Volkswagen's statement. Over time, the problem might cause the pedal hinge to fracture, which could make it impossible to activate the brakes. Injuries/Deaths: Porsche's statement says, "this is a purely precautionary measure, as there have been no reports of accidents or injuries as a result of this concern." Volkswagen's statement reports, "no incidents have occurred in the US to date. However, single events have been reported overseas." The Fix: Dealers will inspect the clip and reinstall it if necessary. If you own one: Porsche says it discovered the problem during internal inspections. Related Video: PORSCHE EXAMINES CAYENNE MODELS AS A PREVENTATIVE MEASURE Inspection of pedal hinge clip Atlanta, Georgia. Voluntary safety recall: Porsche is conducting an examination of 409,477 Cayenne models worldwide from model years 2011 to 2016 for a precautionary inspection, of which 88,300 are in the United States and 10,370 are in Canada. The reason for this is a clip may have become dislodged from the pedal bracket. We are implementing a voluntary recall to inspect all Cayenne vehicles built during that period to ensure the clip is present and to re-install it if necessary. The problem was identified during internal inspections and remedied in production. This is a purely precautionary measure, as there have been no reports of accidents or injuries as a result of this concern. ### Volkswagen Statement Volkswagen has notified NHTSA of an upcoming voluntary safety recall affecting approximately 46,700 Volkswagen Touareg vehicles from the 2011-2016 model years. In rare cases, a securing clip at the brake pedal hinge may be missing. If the clip is missing, the pedal pivot pin could start to move and the pedal could lose guidance. If this remains undiscovered, the pedal hinge could fracture after continued operation, allowing the pedal to dislodge. A customer may not be able to properly actuate the brakes with a dislodged brake pedal. A non-functional brake or reduced braking power could result in a crash. No incidents have occurred in the U.S. to date.