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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.

Move over Nissan Leaf, VW E-Golf is the new sales champ in Europe

Western European sales of the Volkswagen e-Golf electric vehicle got just extra charged up, and not just with electricity. For the first two months of the year, the VW EV overtook longstanding EV leader Nissan Leaf in terms of sales on the Continent, Aid Newsletter says. In fact, the e-Golf's 2,150 units sold in Western Europe through February was 400 more than what the Leaf managed. Norway was the key country here. With lots of EV incentives, the Leaf (not to mention the Tesla Model S) have always sold well there, but Volkswagen, through a big advertising push, moved more than three times as many e-Golfs in Norway as Nissan did the Leaf. It's sure a far cry from the US, where the Leaf remains the best-selling electric vehicle. Through February, Nissan moved 2,268 Leaf vehicles in the US, compared to 311 e-Golfs sold here. March sales didn't do much to change the balance, with 195 e-Golfs sold versus 1,817 Leafs. The e-Golf, which retails for about $36,000 in the States, gets an EPA-rated 116 miles per gallon equivalent, barely edging out the Leaf's 114 MPGe rating. The e-Golf can also go 83 miles on a single charge. Our review of the e-Golf is available here. Featured Gallery 2015 Volkswagen e-Golf: Review View 29 Photos News Source: Aid Newsletter Green Volkswagen ev sales e-golf

Mercedes, Nissan and VW slammed by China's CCTV

Several automakers in China, including joint ventures with Nissan, Volkswagen and Mercedes-Benz, are in hot water because their dealers are allegedly overcharging customers for repairs. China Central Television, the country's state broadcaster, leveled the claims during its annual Consumer Day expose. CCTV runs these reports each year on March 15 and often takes aim at foreign companies operating within China. This year the focus fell on automakers, according to the Financial Times, and no domestic car companies were targeted. The network also accused dealers of overselling parts, and it took aim at Jaguar Land Rover specifically for problems surrounding transmission repairs, according to Reuters. The yearly stories are often criticized for focusing on outside businesses. "It panders to a certain type of nationalism as it tends to target foreign companies and rarely touches large state groups or monopolies," Qiao Mu, a journalism professor at Beijing Foreign Studies University, said to the Financial Times. Foreign automakers seem to face tighter scrutiny when doing business in China than their domestic counterparts, in general. The government there investigated several luxury brands, including Audi and BMW, last year for how they supplied spare parts and whether the components were overpriced. Some incurred fines, and Lexus decided to lower its prices. Volkswagen also experienced protests when owners felt the company wasn't handling a recall properly. The CCTV report also comes as many auto dealers in China are feeling a pinch due to high mandated sales targets from automakers. The situation was so dire in early 2015 several brands cut back sales targets and in some cases even paid the sellers to offset poor profits. News Source: Financial Times - sub. req., ReutersImage Credit: Andy Wong / AP Photo Government/Legal Mercedes-Benz Nissan Volkswagen Car Dealers Auto Repair Maintenance jaguar land rover