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Porsche again staring down another $1.8B in hedge fund lawsuits

The sequence of events from 2007 that began with Porsche's secret attempt to take over Volkswagen, and instead lead to Porsche being taken over by VW, continues to instigate lawsuits against the Stuttgart sports car manufacturer. A group of hedge funds that suffered over $1 billion in losses sued the car company in New York. Porsche had publicly stated it wasn't trying to buy VW, the hedge funds in question were shorting VW stock, and when Porsche's actual intentions were revealed, the stock shot up and the hedge funds took a beating.
The case was thrown out over the issue of jurisdiction, then appealed, only to see another suit filed on top of that. After that, most of the hedge funds withdrew their claims in New York and Porsche offered a 90-day window to refile in Germany where it is already fighting a number of other suits over the same issue. The hedge funds accepted the offer, refiling in Stuttgart for $1.8 billion in damages. According to Bloomberg, Porsche hasn't commented on the refiling, but as the same plaintiffs are involved, it's safe to assume that the carmaker still feels the case is "unsubstantiated and without merit." It has fared alright so far even in German courts, with two lesser cases against it thrown out last year.

Toyota holds onto crown of World's Largest Automaker

Although there were hints and allegations that the Volkswagen Group might have taken the global sales crown for 2014, the final tally puts Toyota at the top with 10.23 million sales in 2014. We should really say it keeps Toyota at the top, since that makes three years in a row the Japanese company has been No. 1. Volkswagen Group came in second with 10.14 million units sold, General Motors in third with 9.92 million units sold. This the first time for both Toyota and Volkswagen to pass 10 million sales in a single year. Toyota, including its Hino and Daihatsu divisions, did it with a three-percent increase in company-wide sales on the back of strong demand in Japan and the US. Its strength in developed markets might be the reason it loses the title this year, though; Toyota forecasts a two-percent gain in sales outside of Japan, but a nine-percent drop in its home market because of a new consumption tax that encouraged buyers to purchase before the end of last year. On top of that, turmoil in Southeast Asian economies like Thailand and Indonesia depressed sales in 2014 and they're facing more headwinds. The company envisions 10.15 million sales in 2015. Volkswagen, on the other hand, "has a jet engine strapped to its back called 'China,'" where Toyota is out-of-sorts. Volkswagen Group sales fell 2.9 percent in the US last year, while Toyota gained 6.2 percent here. But Volkswagen roped in 3.7 million sales in China, a 12-percent increase. Toyota enjoyed a huge bump of 12.5 percent in China, but that only got it to 1.03 million units, missing its yearly target and leading to trouble with its Chinese dealers over unsold inventory. With Toyota on the Chinese sidelines while Volkswagen guns for No. 1 status and pledges more production capacity in China – sales there are expected to top 25 million units this year – it looks like this could be the year the VW Group takes over the lead. That would be three years ahead of its original target of 2018. An analyst in Japan said Toyota is more focused on "keeping profitability than chasing numbers" – profitability is an issue for VW right now – so Toyota might not be back at the top "for [the] coming years." News Source: Bloomberg, Automotive News - sub. req. Earnings/Financials GM Toyota Volkswagen Car Buying Daihatsu sales volkswagen group

Editors' Picks March 2022 | Acura RDX, VW GLI and a Rolls-Royce

This month's Editors' Picks offer a little something at every budget. We call out a performance car as cheap as the Volkswagen GLI, but the Rolls-Royce Ghost also manages to make its way on to the list. Of course, very few folks can afford a Ghost, but that doesn't change the fact that it's an engineering master class. In addition to these options, we also dive into the compact luxury SUV market, one that is bursting with choices. In case you missed our previous Editors' Picks posts, here’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get EditorsÂ’ Pick status. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in March that earned an EditorsÂ’ Pick. 2022 Acura RDX Quick take: The RDX ticks a lot of boxes for a great price. It drives better than expected, offers excellent tech, has plenty of room and even looks the part. Score: 7.0 What it competes with: Mercedes-Benz GLC-Class, BMW X3, Volvo XC60, Audi Q5, Lexus NX, Infiniti QX50, Alfa Romeo Stelvio, Genesis GV70, Porsche Macan, Jaguar F-Pace, Lincoln Corsair Pros: Value, driving dynamics, space Cons: Infotainment is polarizing, midgrade interior From the editors Road Test Editor Zac Palmer — "The RDX is a bit of a sleeper in this segment. It drives far better than many of its competitors, and it doesn't let you down in any particular area. If you were thinking of buying an entry-level option from one of the Germans, make sure you take the RDX into account, because you'll likely end up with more tech and features for an even lower price. News Editor Joel Stocksdale — "The Acura RDX is an impressive value in the small luxury SUV segment. It starts in the low $40,000 price range, and provides loads of standard convenience and safety features. Everything is packaged in a sharp and surprisingly spacious package, too. It's also nimble and has a punchy engine that makes it fun to drive. You may find some competitors that surpass it in some areas, but the Acura offers about the most for the money of anything in the segment." In-depth analysis: 2022 Acura RDX Review | Value-packed and surprisingly sporty   2022 Volkswagen Jetta GLI Quick take: The GLI offers excellent driving dynamics and great styling for someone who doesn't want a hatchback. It's pricey, but it's worth it.