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Former Porsche CEO Wiedeking indicted over VW takeover bid

Do you recall the failed efforts by Porsche to take over Volkswagen? According to a Bloomberg report, former Porsche CEO Wendelin Wiedeking (above) and ex-CFO Holger Haerter have finally been charged with market manipulation over the exercising of options as part of the German sportscar manufacturer's ill-fated attempt to take over the much larger VW. That failed bid eventually resulted in the reverse coming true - VW swallowing Porsche.
The charges leveled by Stuttgart prosecutors come after a three-year investigation centered around allegations that Porsche execs made a concerted effort to increase the company's share in VW to 75 percent in preparation for a hostile takeover. Porsche had previously told its investors on at least five occasions that it had no intention to buy VW.
Portions of the investigation have subsided, according to prosecutors, citing an inability to prove certain improprieties with a "necessary degree of certainty." The number of charges is down to 5 from a previous 14 counts regarding "information-based market manipulation."

European jury picks finalists for 2015 Car of the Year

There are countless Car of the Year awards handed out each year, and naturally, Europe has its own way of doing things. Every year, a panel of jurists representing seven publications in seven different languages and seven different countries get together to name their joint Car of the Year. The panel released a list of 32 candidates back in July, and it has now whittled that list down to seven nominees. The list consists of the BMW 2 Series Active Tourer, the Citroen C4 Cactus (shown), the Ford Mondeo, the Mercedes-Benz C-Class, the Nissan Qashqai, the Renault Twingo and the Volkswagen Passat. Of those seven, only two are available in the US – those being the Mondeo (sold Stateside as the Fusion) and the C-Class. The Passat is an entirely different model in North America, the Qashqai isn't offered here, Citroen and Renault don't even participate in our market and the BMW 2 Series is represented here only by the completely different coupe and convertible. Expect the one and only recipient of the 2015 Car of the Year award to be announced at the Geneva Motor Show this coming March, and while you're waiting, you can place your guesses for the eventual winner in Comments. Featured Gallery 2015 European Car of the Year: Nominees News Source: CaroftheYear.org BMW Ford Mercedes-Benz Nissan Volkswagen Citroen Renault car of the year nissan qashqai citroen c4 cactus bmw 2 series active tourer

VW recalling 2.64M vehicles worldwide over engine, light issues

Volkswagen is staging a massive, worldwide recall that's already grown from 1.68 million to 2.64 million vehicles and covers three different issues across a number of vehicles. We already reported on 61,000 Tiguans getting recalled over lighting issues - that was just in the US. Globally, however, VW will be recalling 800,000 Tiguans, according to Automotive News, with the focus on CUVs built between 2008 and 2011. The issue with the Tiguan relates to a simple fuse swap, so this is rather unremarkable, aside from the sheer number of vehicles being fixed. The real, troubling issues relate to gearboxes and pickups.
239,000 Amarok pickups (pictured right) are being recalled over fuel leaks, while 1.6 million vehicles are being recalled to swap the synthetic oil in dual-clutch transmissions with mineral oil. Now, the transmission issue is one for the global Volkswagen Group to address, not just the VW brand - vehicles from Audi, Škoda and Seat use the same seven-speed DSG and are covered under the recall, as well.
Why the switch from synthetic to mineral oil? Apparently, using the synthetic oil in a DSG and then subjecting it to stop-and-go conditions or heavy loads in a hot and humid climate can lead to electronic malfunctions, according to a Volkswagen press release. The switch, from the sounds of it, is largely a preventative measure.