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Volkswagen taps Porsche chief for board

Matthias Mueller was promoted to the top position at Porsche in 2010 after a successful stint of developing model lines during his 36 years with the company, mainly at Audi. Having shown the same prowess while overseeing Porsche for the past five years, German outlet Frankfurter Allgemeine Zeitung reports that Mueller will be promoted to the management board of the Volkswagen Group, according to a leaked copy of an agenda for the meeting. It's said that a new spot is being created for him, one that will put him in charge of "overseeing cooperation" among Audi, Bentley, Bugatti, Lamborghini, and Porsche. While other group executives are known to hold positions on the board and with brands, or across brands, it isn't clear yet whether Mueller will keep his spot at the CEO of Porsche after the promotion. One thing that is certain is the 61-year-old Mueller doesn't see himself in line for Volkswagen Group CEO Martin Winterkorn's job in 2016, having told FAZ this month, "It's no solution to put a 63-year-old at the head of Volkswagen." News Source: Reuters, Automotive News - sub. req.Image Credit: Geoff Robins/AFP/Getty Images Hirings/Firings/Layoffs Porsche Volkswagen Performance volkswagen group matthias mueller promotion

Kia Telluride takes World Car of the Year honors

The Kia Telluride has been named 2020 World Car of the Year, an award that recognizes the most significant new-vehicle introduction as determined by an international jury of automotive journalist judges. The Telluride adds to its string of honors by beating out the Mazda CX-30 and the Mazda3, the previously announced finalists for the WCOTY award. The organization also announced the winners of additional awards: The Porsche Taycan was recognized as World Performance Car of the Year, beating out its siblings, the 911 and the 718 Boxster Spyder/Cayman GT4. The Taycan further took top honors as World Luxury Car of the Year, besting the 911 and the Mercedes-Benz EQC in that category. In a second win for Kia, the Kia Soul EV was named World Urban Car of the Year. The Soul beat out the Mini Cooper SE and the Volkswagen T-Cross. Finally, the Mazda3 was honored as World Car Design of the Year. The Kia Telluride follows last year's WCOTY, the Jaguar I-Pace. Previous honorees include the Volvo XC60 in 2018, the Jaguar F-Pace in 2017, and the Mazda MX-5 in 2016. The WCOTY team consists of 86 jurors from 24 countries, and the organization is independent and not tied to any publication. This is the 16 th year for the awards. Related Video:    

Former Porsche execs acquitted of stock manipulation charges

A German court acquitted former Porsche CEO Wendelin Wiedeking and former CFO Holger Harter of stock manipulation charges, according to Bloomberg. Prosecutors alleged the men hid plans to takeover Volkswagen while publicly denying their intentions to investors. The presiding judge didn't find any merit to those claims, though. "There is nothing to the allegations, absolutely nothing," Judge Frank Maurer said, according to Bloomberg. "There was no secret plan to take over VW." Rather than Porsche taking over VW, the exact opposite eventually happened, and both execs stepped down. Investigators first indicted Wiedeking and Harter for alleged stock manipulation in late 2012. A court in Stuttgart dismissed the case in 2014 because of a lack of evidence, but an appeals court later overruled that decision. The current trial finally began in October 2015. If convicted, Wiedeking faced up to 30 months in prison, and Harter could have received up to 27 months, Bloomberg reported. Prosecutors also wanted one million euro ($1.1 million) fines from them and 807 million euros ($910 million) from Porsche. The acquittal might not be the end of this long-running case, though. In Germany, prosecutors have the right to appeal a ruling, and the lawyer hasn't made a final decision yet. If the court thinks there's a reason, the former execs could be back in front of a judge at some point in the future.