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VW may move production because of Russia's cutoff of natural gas

Volkswagen AG is exploring ways to counter a shortage in natural gas, including shifting production around its network of global facilities, signaling how the energy crisis unleashed by Russia’s invasion of Ukraine threatens to upend EuropeÂ’s industrial landscape. Volkswagen, EuropeÂ’s biggest carmaker, said Thursday that reallocating some of its production was one of the options available in the medium term if gas shortages last much beyond this winter. The company has major factories in Germany, the Czech Republic and Slovakia, which are among European countries most reliant on Russian gas, as well as facilities in southern Europe that source energy from elsewhere. “As mid-term alternatives, we are focusing on greater localization, relocation of manufacturing capacity, or technical alternatives, similar to what is already common practice in the context of challenges related to semiconductor shortages and other recent supply chain disruptions,” Geng Wu, VolkswagenÂ’s head of purchasing, said in a statement.  RussiaÂ’s decision to throttle gas supplies to Europe has raised concerns that Germany might be forced to ration its fuel. Recent news that gas storage levels hit 90% ahead of schedule has soothed fears of acute shortages this winter, but Germany faces a challenge in replenishing depleted reserves next summer without contributions from Russia. Southwestern Europe or coastal zones of northern Europe, both of which have better access to seaborne liquefied natural gas cargoes, could be the beneficiaries of any production shift, a Volkswagen spokesman said by phone. The Volkswagen group already operates car factories in Portugal, Spain and Belgium, countries that host LNG terminals. Labor hurdles To be sure, any major production shift away from EuropeÂ’s biggest economy would face significant hurdles. VW has some 295,000 employees in Germany and worker representatives account for around half the companyÂ’s 20-member supervisory board. Any shift in production would likely involve a limited number of vehicles rather than wholesale factory shutdowns. While gas supplies for VWÂ’s plants are currently secured, the company has identified potential savings at its European sites to cut gas consumption by a “mid-double-digit percentage,” said Michael Heinemann, managing director of VWÂ’s power-plant unit. Still, the carmaker said it was concerned about the effect high gas prices could have on its suppliers.

Former Porsche execs charged with stock manipulation in Germany

The ongoing indictment of top Porsche executives for alleged stock manipulation during the attempted takeover of Volkswagen has taken years to reach an actual decision, but a trial date has finally been set for October 22. In addition to former CEO Wendelin Wiedeking (pictured above) and ex-CFO Holger Haerter, prosecutors have also added Anton Hunger, who was communications boss at the time, to the list of those charged, according to Reuters. The men purportedly made false statements to investors about plans to acquire 75 percent of VW stock. The prosecutor also dropped charges against Ferdinand Piech and Wolfgang Porsche in the same case, Reuters reports. The two Porsche family members were on the company's board at the time, but investigators found that they had no role in making the false statements. If found guilty, the former Porsche execs could face up to five years in prison. As expected, lawyers for Wiedeking and Haerter have repeatedly denied any wrongdoing by their clients. The investigation into Porsche SE's actions during the failed VW takeover go back to at least 2009 when the firm's offices were raided. Wiedeking and Haerter were eventually indicted in 2012. A Stuttgart court initially dismissed the case for lack of evidence, but in 2014 that decision was reversed on appeal. At the same time, investors have brought multiple civil lawsuits against the company, but none of those cases have been successful.

Juan Pablo Montoya tests Porsche 919 Hybrid in Bahrain

Sealing the FIA World Endurance Championship wasn't the only thing that Porsche did this past weekend in Bahrain. Alongside its rivals from Audi and Toyota, the German outfit also participated in a test session for potential new drivers, including Juan Pablo Montoya. Driving the Le Mans- and championship-winning Porsche 919 Hybrid at the Bahrain International Circuit this weekend, Montoya set the fastest time of the day. His "qualifying" lap was clocked at 1:40.86, barely more than a second behind the 1:39.67 lap that earned Timo Bernhard pole position in the previous day's race – and a second faster than the fastest lap set in the race by Neel Jani in another 919 Hybrid. That's a mighty impressive feat for a driver relatively unaccustomed to driving a modern hybrid LMP1. Racing fans will know Montoya as a multi-talented driver. The Colombian has competed successfully in Formula One, Indy, NASCAR, and sports prototypes, winning races in all disciplines. Aside from the International Formula 3000 title, three outright victories in the 24 Hours of Daytona, and a handful of NASCAR street-course races, Montoya can count among his many achievements the CART title, two Indianapolis 500 wins, and the checkered flag at the Monaco Grand Prix (along with six other F1 races). Those victories have brought JP among the closest to winning the Triple Crown of motorsports of any driver in racing history, and he's still competing. For those unfamiliar, the Triple Crown is an unofficial measure to gauge the diverse talents of professional racing drivers in three disciplines: Indy, F1, and Le Mans. To win, a driver has to win the Indianapolis 500, the 24 Hours of Le Mans, and either the Monaco Grand Prix or the Formula One World Championship. Graham Hill is the only driver in history to have swept all the categories, but others have come close. The list of near-winners includes Tazio Nuvolari, Mike Hawthrown, Phil Hill, AJ Foyt, Bruce McLaren, Jim Clark, Mario Andretti, and Emerson Fittipaldi. The only contenders still active are Montoya and Jacques Villeneuve, who won at Indy in '95, the F1 championship in '97, and came second at Le Mans in 2008. Villenueve could still steal the crown if he gets another shot at Le Mans, but the more likely scenario would be to see Montoya rise to the throne. Especially if this test session is any indication. Also driving the Porsche was in the rookie test session was Mitch Evans, a former GP3 champion and GP2 race winner from New Zealand.