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Porsche to replace chassis components in 918 Spyders

The entire production run of the Porsche 918 Spyder is completely sold out, but 205 of them need to make a trip to the dealer for a repair estimated to take about two days. According to Porsche, it found quality problems with unspecified "chassis components" on the hybrid supercar and has instituted a plan to fix them as a precautionary measure. There were no reported breakages of these parts or complaints from customers. The German automaker already contacted all of the affected owners directly to have the 918s repaired in 2015. When reached for comment, Porsche Director of Corporate Communications Achim Schneider told Autoblog via email that "due to the supplier relationship we did not announce further details regarding the components so far." He also said that 43 vehicles are affected in North America, which includes the US and Canada. The 918 Spyder was affected by a small recall in the US earlier this year when Porsche found that the rear-axle control arms could potentially break. The campaign covered only five cars, though. Porsche replaces chassis components in 205 vehicles worldwide Atlanta. As a precautionary measure, Porsche will replace chassis components in 205 vehicles of the 918 Spyder model worldwide. The reason for this is that for vehicles that were manufactured in a certain time period defective parts were used from a delivery batch, whose functionality cannot be permanently guaranteed. No complaints have been made known (such as a break of a component) from customers up till now. The problem was identified during in-house quality inspections and remedied immediately. The owners of the vehicles, which could be exactly traced, were contacted directly by their competent Porsche representatives. The workshop visit, which will take place by appointment at the onset of 2015, takes about two days to complete at no charge. Featured Gallery 2015 Porsche 918 Spyder: First Drive View 51 Photos News Source: PorscheImage Credit: Copyright 2014 Michael Harley / AOL, Porsche Green Recalls Porsche Hybrid Supercars porsche 918 spyder porsche 918

Volkswagen profit jumps as it warns of a cooling auto market

FRANKFURT, Germany — Volkswagen says its profits jumped 44% in the third quarter thanks to a more profitable mix of vehicles in its lineup but warned that global car markets are slowing more than expected and lowered its forecast for annual sales. After-tax profit rose to $4.42 billion (3.98 billion euros) as revenues rose 11% to $68.27 billion (61.42 billion euros). The sales margin of 7.8% exceeded the goal of 6.5-7.5% as vehicles bringing higher profits took a larger share of sales. The Wolfsburg-based automaker pointed to the headwinds facing the industry by saying that it expects "vehicle markets will contract faster than previously anticipated in many regions of the world." It said sales would be "on a level" with last year's record of 10.8 million vehicles. Previously it had expected a slight increase. The company said its profits would be in the lower end of its forecast range. Global automakers are facing a slowdown in sales amid disputes over trade and from pressure in the European Union and China to develop and sell low-emission vehicles that require heavy investment in new technology. Ford and Renault have issued profit warnings in recent days, while Daimler, maker of Mercedes-Benz luxury cars, lost money in the second quarter and is expected to outline a cost-cutting strategy for investors on Nov. 14. Volkswagen is leading the push into electric vehicles in Europe by launching its ID.3 battery-powered compact car at prices it says will make zero local emission vehicles a mass phenomenon. The company was able to increase earnings in the quarter despite an 18% rise in spending on research and development.

Porsche's former CEO Wiedeking to stand trial over VW-share manipulation

Former Porsche CEO Wendelin Wiedeking (left in the above photo) could potentially be facing some time in the slammer after all. The last we had heard, he and former Chief Financial Officer Holger Haerter (right) had avoided a trial in April due to a lack of evidence. However, an appeals court in Stuttgart has looked at the case again and overruled the earlier decision, finding that the executives should be tried for share manipulation during Porsche's failed attempt to take over Volkswagen in 2008, Bloomberg reports.
The judges in the appeal "list numerous indications that could suggest that there was a hidden decision to increase the stake as they could suggest the opposite evaluation by the lower court," said Stefan Schueler, a spokesperson for the court, in a statement cited by Bloomberg. Wiedeking and Haerter put out their own releases saying that there was no merit to the charges.
The prosecutors allege that Wiedeking and Haerter had a plan to buy up VW stock options in 2008 to take the automotive giant over but hid it from investors. The whole thing was a massive failure and eventually allowed VW the chance to acquire Porsche and forced the two execs to step down. In addition to the criminal investigation, hedge funds have attempted to sue the company multiple times in civil court for the same reason, but they have repeatedly failed.