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Volkswagen Group Chairman Ferdinand Piech resigns

Ferdinand Piech, Volkswagen Group's chairman of the supervisory board, has resigned from the company. His wife, Ursula, has also left her position on the board. A statement put out by VW in German said the move was due to the fact that "mutual trust is no longer present," and the board's deputy chairman, Berthold Huber, will be interim chairman. It's been just two weeks since Ferdinand Piech told Germany's Der Spiegel magazine that he didn't want Group CEO Martin Winterkorn to become the next chairman and that he was keeping the CEO at a distance. That public comment surprised just about everyone, and led to a meeting in Piech's office in Austria. The leadership committee supported Winterkorn, and that was backed up by official, pro-Winterkorn messages from VW labor leaders and the German state of Lower Saxony. After that meeting, Piech agreed to support Winterkorn in public, but it was widely suspected that the fight wasn't over. Now it might be. This is not a changing, but rather an explosion of the guard. Piech lived for VW, and he and his Porsche kin still have a 51-percent stake in the Volkswagen Group. Frankly, we have a feeling that this still isn't over. The official statement from VW in English is below. Statement of the Executive Committee of the Supervisory Board of Volkswagen AG Wolfsburg, 25 April 2015 -- The Executive Committee of the Supervisory Board of Volkswagen AG discussed again today in detail the situation of the Volkswagen Group. 1.: The members of the Executive Committee have unanimously determined that in view of the background of the last weeks the mutual trust necessary for successful cooperation no longer exists. 2.: For this reason Professor Dr. Ferdinand K. Piech has resigned with immediate effect from his position as Chairman of the Supervisory Board and from all his mandates as a Supervisory Board member within the Volkswagen Group. In addition, Ms. Ursula Piech has resigned with immediate effect from all her Supervisory Board mandates within the Volkswagen Group. 3.: The position of Chairman of the Supervisory Board will be temporarily assumed by the Deputy Chairman Berthold Huber. Mr. Berthold Huber will chair both the Supervisory Board meeting on May 4 as well as the Annual General Meeting on May 5, 2015. 4.: Under the chair of Mr. Berthold Huber the representatives of shareholders and employees will in close cooperation determine the candidate for the new Chairman of the Supervisory Board.

VW quite interested in solid-state batteries for EVs

Volkswagen is about to make a decision about which advanced battery technology the automaker will seriously investigate to give its electric vehicles more range. VW will decide by July if it will use solid-state batteries made by US-based QuantumScape Corp. in future EVs, according to Bloomberg News. Last year, VW bought a five-percent stake in QuantumScape, which was founded by ex-Stanford University researchers. The lure is that QuantumScape's solid-state batteries may provide a single-charge range of as long as 430 miles. That's more than three times the current range of the VW e-Golf electric vehicle the company recently started selling to the public and is substantially longer than the single-charge range of the Tesla Model S electric sedan. The batteries are also fireproof, making VW's potential decision one with an eye towards more vehicle safety. Solid-state battery technology, in which solid lithium electrodes are used instead of liquid electrodes such as those in lithium-ion batteries, are the subject of research at other automakers and suppliers as well. Toyota says they could be here by 2020. Recently, the cordless vacuum cleaner maker Dyson acquired a $15-million equity stake in Michigan-based battery maker Sakti3 with the idea of using the startup's solid-state batteries in its products. General Motors also has a minority stake in Sakti3, which was spun off from the University of Michigan.

Porsche again staring down another $1.8B in hedge fund lawsuits

The sequence of events from 2007 that began with Porsche's secret attempt to take over Volkswagen, and instead lead to Porsche being taken over by VW, continues to instigate lawsuits against the Stuttgart sports car manufacturer. A group of hedge funds that suffered over $1 billion in losses sued the car company in New York. Porsche had publicly stated it wasn't trying to buy VW, the hedge funds in question were shorting VW stock, and when Porsche's actual intentions were revealed, the stock shot up and the hedge funds took a beating.
The case was thrown out over the issue of jurisdiction, then appealed, only to see another suit filed on top of that. After that, most of the hedge funds withdrew their claims in New York and Porsche offered a 90-day window to refile in Germany where it is already fighting a number of other suits over the same issue. The hedge funds accepted the offer, refiling in Stuttgart for $1.8 billion in damages. According to Bloomberg, Porsche hasn't commented on the refiling, but as the same plaintiffs are involved, it's safe to assume that the carmaker still feels the case is "unsubstantiated and without merit." It has fared alright so far even in German courts, with two lesser cases against it thrown out last year.