2013 Volkswagen Driver's Edition on 2040-cars

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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.

Germans, Brits and Ferrari's new V12 SUV | Autoblog Podcast #748

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Associate Editor Byron Hurd. With the Detroit Auto Show now in the rearview, focus shifts to news that crept up outside of the North American spotlight. The two talk about the new Ferrari Purosangue SUV, then pivot to a discussion about the future of the Dodge Charger and Challenger based on rumors of a new assembly facility. Next, they discuss what they've been driving recently. Byron leads off with anecdotes from his trip to Spain to drive the 2023 Range Rover Sport and his weekend with the VW GTI SE. Next, Greg talks about the ups and downs of the BMW X3 M Competition and Mercedes-Benz GLE450 Coupe. After that, they spend your money; this week's is a whopper.   Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #748 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Ferrari Purosangue SUV revealed: V12 power, big price tag, surprisingly pretty Dodge Charger/Challenger production moving to Windsor? Cars we're driving 2023 Land Rover Range Rover Sport 2022 Volkswagen GTI SE 2022 Mercedes-Benz GLE 450 2022 BMW X3 M Competition Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Ferrari Purosangue revealed

Recharge Wrap-up: Tesla truck's close call, Tesla age discrimination suit

A semi with a trailer full of Teslas has a close call on the highway in this video. With a half-dozen electric vehicles in tow, the truck has to swerve onto the shoulder as a commuter bus nearly hits it after crossing multiple lanes. An example of human error, this near miss is the type of thing Tesla would like to prevent by advancing and widely deploying autonomous vehicle technology. Watch the heavy-duty mishap in the video above, and read more at Teslarati. A former Tesla engineer is suing the automaker for age discrimination. 69-year-old Thomas Flessner, who was fired from his Materials Engineer position in February, says he "was isolated due to his age and routinely chastised for completing projects slower than his coworkers." The suit claims younger engineers working at a similar pace were not subject to the same criticism. Flessner encountered further problems after taking time off for surgery, when a supervisor told him, "these guys are gunning for you." Read more from Fusion. Audi has placed orders with Ballard as part of Volkswagen Group's HyMotion fuel cell technology program. Audi has taken over responsibility for Volkswagen's program to develop its next-generation fuel cell stack. Ballard is providing engineering services to the automaker until at least March 2019. "Our HyMotion team of engineers and scientists are collaborating closely with Audi's experts and together we are on-track with respect to key technical and financial goals set for the current year," says Ballard VP of Technology and Product Development, Dr. Kevin Colbow. Read more at Yahoo Finance. Car2go has reached 2 million members worldwide. The world's largest car sharing service has 800,000 members in North America, 1.1 million in Europe, and 100,000 in Chongqing, China. Car2go claims 43 percent year-over-year growth, with a trip taken by a member every 1.5 seconds. "The rise of car sharing can be attributed to a changing paradigm of demographics, social preference shifts towards usage of vehicles instead of ownership, and technology that enables the seamless short term rental of vehicles," says Frost & Sullivan Principal Mobility Analyst Martyn Briggs. Read more from Car2go. Related Gallery Volkswagen Golf SportWagen and Passat HyMotion News Source: Teslarati, YouTube: Rumble Viral, Fusion, Yahoo Finance via Electrek Government/Legal Green Audi Tesla Volkswagen Alternative Fuels Transportation Alternatives Electric Hydrogen Cars Videos recharge wrapup