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Top Gear names BMW i8 Car of the Year, Corvette, Ferrari, Mercedes also win big

The lads at Top Gear have released their listing of the finest cars of the past year, handing the ultimate honor to BMW's revolutionary i8 plug-in-hybrid supercar. "The i8 is a milestone in the annals of automotive history and a glorious statement for an exciting and positive future. The i8 delivers - and then some," the British mag wrote. The i8, though, was far from the only hybridized car to take victories. James May and Richard Hammond both highlighted hybrids as their personal cars of the year, with May saluting the Ferrari LaFerrari and the Hamster, unsurprisingly, heaping praise on the Porsche 918 Spyder. Jeremy Clarkson, meanwhile, opted to shock many by selecting not only an American car as his best of 2014, but giving the honor to of all things, a Corvette. Clarkson wasn't the only person to honor the USA's iconic sports car, with the new, 650-horsepower Z06 variant being named TG's Muscle Car of the Year. Other big winners include Mercedes-Benz, which TG honored for S-Class Coupe (Luxury Car of the Year), the new AMG GT (Sports Car of the Year) and the not-for-US C-Class Estate (Family Car of the Year). The 458 Italia Speciale A snagged a second win for Ferrari. The best of the rest include the Citroen C4 Cactus, Renault Twingo, Volkswagen Golf R, Lamborghini Huracan and Audi TT. Take a look below for the celebratory press blast from BMW. The BMW i8 wins Top Gear Car of the Year The BMW i8 has been named as Top Gear magazine's global Car of the Year 2014. The plug-in hybrid performance vehicle beat off some stiff competition from a host of other premium and luxury manufacturers to win the overall award. The editorial team of Top Gear commended the BMW i8 for its breadth of abilities. Its 1.5-litre three-cylinder turbocharged petrol engine combined with an electric motor gives searing acceleration and driver enjoyment but all wrapped in a package that takes BMW's EfficientDynamics philosophy to the extreme courtesy of CO2 emissions less than 49g/km and a 135mpg combined cycle figure. Charlie Turner, Editor in Chief at Top Gear magazine, said: "The BMW is a milestone in the annals of automotive history and a glorious statement for an exciting and positive future. The i8 delivers – and then some. It's the kind of car we should celebrate, a beautiful vision of the future, delivered now.

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.

Audi will submit emissions fix for 3.0 TDI V6 to EPA and CARB

Audi will develop a software update for the emissions control system on Volkswagen Group's 3.0 TDI V6 and will submit the changes to the Environmental Protection Agency and California Air Resources Board for approval. If the government regulators accept it, the tweaks could end the emissions problems for an estimated 85,000 of these engines in the US in Audi, Porsche, and VW models. However, the stop-sale still covers these vehicles until further notice. Audi admits in its statement to failing to disclose three "auxiliary emission control devices" on the V6 to regulators, and US law considers one of these systems a defeat device. VW Group offered the engine in the US on the Audi A6, A7, A8, Q5, and Q7 since the 2009 model year. The mill was also available on the VW Touareg and Porsche Cayenne. The EPA filed a violation against the 3.0 TDI on November 2 because the agency reported that the engine's software contained a defeat device to circumvent emissions tests. The regulator recently extended that notice to cover these powerplants in the US from the 2009 to 2016 model years. Audi's statement vaguely estimates the price of this problem to be in the "mid-double-digit millions of euros," and the automaker could face financial punishment by regulators. "Determinations regarding potential penalties and other remedies will be assessed as part of the investigation EPA has opened in conjunction with the US Department of Justice," an EPA spokesperson told Automotive News. Related Video: Statement on Audi's discussions with the US environmental authorities EPA and CARB Auxiliary emission control devices (AECD) for US version of V6 TDI 3 liter engine to be revised, documented and submitted for approval Technical solution for North America versions from 2009 model year onwards to be worked out in conjunction with the authorities Audi will revise, document in detail, and resubmit for US approval certain parameters of the engine-management software used in the V6 TDI 3 liter diesel engine. That is the result of the discussions held between a delegation from AUDI AG and the US Environmental Protection Agency (EPA) and the California Air Resources Board (CARB). The updated software will be installed as soon as it is approved by the authorities. The three brands Audi, Porsche and Volkswagen are affected. Audi estimates that the related expense will be in the mid-double-digit millions of euros.