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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.

Fully Charged rolls into season 3 with VW XL1 and electric Land Rover

It's been some time since last we visited with British actor and electric car proponent Robert Llewellyn and his web-based video series, Fully Charged. The show, now sponsored by Ecotricity, has started rolling out its third season and now has available two episodes featuring a pair of truly unique – and diametrically opposed – vehicles. The first installment starts with some interesting numbers involving the host's Nissan Leaf and its energy consumption over the past 36,000 miles, but soon moves on to the ultra-aero, ultra-expensive Volkswagen XL1. Now, if you've already seen the footage from our own XL1 first drive review, there's not a lot new here except, perhaps, more enthusiasm and a better listen of the two-cylinder diesel kicking in. Still, it's a great reminder of a truly unique vehicle and we enjoyed the segment. The second episode features an electrified Land Rover Defender 110. This is a vehicle you'd more likely see on an African safari than at the local mall. It's not a home-built conversion either, but rather, something the company has put together "for the boffins to create the ideas and see if they work." Boasting a 50-mile range, it's certainly something we like to take on an off-road adventure. Llewellyn is given the chance to do just that, and though the course is somewhat milder than what we might attempt, it does feature a stretch of river and some rough, rutted tracks. You can watch both episodes by scrolling below let us know which vehicle you'd prefer in the comments. This writer is going with the four-wheel-drive. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Fully Charged Green Land Rover Volkswagen Technology Emerging Technologies Electric Videos robert llewellyn fully charged vw xl1

VW offers to buy back new diesels if bans introduced

By Maria Sheahan FRANKFURT, Germany — Volkswagen will buy back new diesel cars if German cities ban them, it said on Thursday, seeking to reassure potential buyers and stem a plunge in sales of diesel vehicles. Europe's biggest automaker also said it would extend incentives for buyers of new diesel cars. The moves come after a German court ruled last month that cities in the country could ban the most polluting diesel vehicles from their streets. Many German cities exceed European Union limits on atmospheric nitrogen oxide, known to cause respiratory diseases. Fears of bans have led to a plunge in demand for diesel vehicles, which are also key to carmakers' attempts to meet new EU rules on carbon dioxide (CO2) emissions. While diesel cars are heavily criticized for emitting nitrogen oxide, they spew out less CO2 than gasoline equivalents. Diesel car sales plunged 19 percent in Germany last month. At its core VW brand, Volkswagen said its buyback offer applied to new diesels bought between April 1 and the end of 2018 and would kick in if the city in which the buyer lived or worked banned diesels within three years of the purchase. It said its dealerships would buy back diesel vehicles affected by bans at their current value if their owners at the same time bought a new vehicle that was not affected by cities' driving restrictions. At Czech brand Skoda, the guarantee applies to cars bought between April 1 and the end of June, but will cover bans introduced within four years of the purchase date. At premium brand Audi, the offer only covers leased vehicles. Volkswagen also said it was extending to the end of June incentives for customers trading in older diesels for new ones. Fellow German carmaker BMW said earlier this month it would offer to take back leased vehicles if diesels were banned within 100 kilometers (62 miles) of the operator's home or place of work. There has been a global backlash against diesel-engine cars since Volkswagen admitted in 2015 to cheating U.S. exhaust tests. But Germany's government is seeking to avoid widespread bans on heavily polluting diesel vehicles, which companies say could cut the resale value of up to 15 million vehicles in Europe's biggest car market. In Germany, where motorists expect to drive powerful cars on motorways with no speed limits, any restrictions will be unpopular.