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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.

Hyundai Blue Link Android smartwatch app will start your car

We knew Hyundai would be bringing its Blue Link smartwatch app to the Consumer Electronics Show, and now that CES is upon us, the app's workings have been revealed. Once you get the free Blue Link app on your smartphone and your Android smartwatch and pair them up with the app, it's all systems go. Through either touch or voice commands, you can remotely lock or unlock your car doors, start and stop your engine, flash the lights and honk the horn, or have your watch locate your car. It works on every Hyundai with first- or second-gen Blue Link (which is all of them in the case of first-gen and the 2015 Genesis, Sonata and Azera for second-gen). The watch app isn't quite ready yet, but the company says you'll be able to get it sometime in Q1. There's a video above showing Hyundai's offering at work, and a press release below with more information below. HYUNDAI BLUE LINK TO DEBUT SMARTWATCH APP WITH VOICE RECOGNITION AT 2015 CONSUMER ELECTRONICS SHOW AND PEPCOM'S DIGITAL EXPERIENCE - Next Generation Blue Link System to Launch on 2016 Elantra GT and Veloster - The Blue Link smartwatch app works with first and second generation Blue Link equipped Hyundai models Fountain Valley, Calif., Jan. 2, 2015 – Smartwatch sales are skyrocketing and starting early in 2015 Hyundai owners will be able to connect with their cars using these wearable devices and the Hyundai Blue Link® smartwatch app. Hyundai will debut and demonstrate the Blue Link smartwatch app at Pepcom's Digital Experience and at the Consumer Electronics Show (CES®). Pepcom's Digital Experience takes place before CES on Jan. 5 and Hyundai's exhibit (North Hall, booth #2818) at CES will be open Jan. 6-9, 2015. Hyundai's cloud-based Blue Link platform allows features like remote start and service information to be quickly accessed through devices like smartwatches and smartphones. Hyundai partnered with Station Digital Media to develop the Blue Link smartwatch app. "This new app expands Hyundai's exploration into how wearable technology and Blue Link fit into a customer's lifestyle," said Barry Ratzlaff, executive director, customer connect and service business development, Hyundai Motor America. "Connecting to your car through a smartwatch and voice recognition was previously something seen only in science fiction movies. Now, we can provide this capability to owners of Hyundai vehicles equipped with Blue Link." The app is easy to use.

Felicity Ace sinks with thousands of VWs, Porsches, Lamborghinis

The stricken ship Felicity Ace sank overnight after a week of salvage efforts ultimately proved unsuccessful. The ship, which was carrying up to 4,000 VW Group cars, went to the bottom unexpectedly while a salvage team was attempting to tow it to shore, Bloomberg reports.  "Initial reports from the local salvage team state that the vessel had sunk at around 9AM local time having suffered a list to starboard," Mitsui O.S.K. Lines transportation company (MOL), which owns the Felicity Ace, said in a statement released early Tuesday.    "The last vessel position was around 220nm off the Azores," MOL said. "The salvage crafts will remain around the area to monitor the situation. Further information will be provided as it becomes available." The ship sank after being battered by waves and listing 45 degrees to starboard, the ship’s operator said. “The weather was pretty rough out there,” Pat Adamson, a spokesperson for MOL Ship Management (Singapore), a unit of Mitsui OSK Lines Ltd., said by phone. “And then she sank, which was a surprise.” VW, Porsche, Audi, Bentley and Lamborghini-branded models were aboard the ship, which was headed to Rhode Island from GermanyÂ’s Emden port when the fire broke out on Feb. 16.  Rough seas and ongoing fires fueled by the lithium-ion batteries of EVs onboard delayed the ship's salvage and recovery operations for the better part of a week. While the likelihood of salvaging the smoke and potentially fire- and water-damaged vehicles from Felicity Ace's hold was slim to none, some had held out hope that their special-ordered vehicles might survive the mishap.  The Panama-flagged Felicity Ace was safely evacuated of its 22 crew members by the Portuguese navy after a fire started in its hold more than a week ago. The ship can carry up to 4,000 cars. European carmakers declined to discuss how many vehicles and what models were on board, but it appears to have been transporting approximately 2,500 cars, including roughly 1,100 Porsches and an undetermined number of Volkswagens.  The cars aboard were on order. Porsche customers in the United States were being contacted by their dealers, the company said. “We are already working to replace every car affected by this incident and the first new cars will be built soon,” Angus Fitton, vice president of PR at Porsche Cars North America, Inc., told The Associated Press in an email. The ship sank in water nearly 10,000 feet deep, the Portuguese Navy said.