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$1.4B hedge fund suit against Porsche dismissed

Investors have canvassed courts in Europe and the US to repeatedly sue Porsche over its failed attempt to take over Volkswagen in 2008 (see here, and here and here), and they have repeatedly failed to win any cases. You can add another big loss to the tally, with Bloomberg reporting that the Stuttgart Regional Court has dismissed a 1.4-billion euro ($1.95B US) lawsuit, the decision explained by the court's assertion that the investors would have lost on their short bets even if Porsche hadn't misled them.
Examining the hedge funds' motives for stock purchases and the bets that VW share prices would fall, judge Carola Wittig said that the funds didn't base their decisions on the key bits of "misinformation," and instead were participating simply in "highly speculative and naked short selling," only to get caught out.
With other cases still pending, the continued streak of victories bodes well for Porsche's courtroom fortunes, since judges will expect new information to consider overturning precedent. If there is any new info, it could come from the potential criminal cases still outstanding against former CEO Wendelin Wiedeking and CFO Holger Härter, who were both indicted on charges of market manipulation.

Rimac is reportedly close to buying Bugatti from the Volkswagen Group

Croatia-based Rimac is finalizing a deal to purchase Bugatti from the Volkswagen Group, according to an unverified report. If the rumor is accurate, the sale would propel Rimac to the top of the automotive industry, guarantee that Bugatti's future is electric, and mark the beginning of Volkswagen's efforts to divest its empire. Executives in Wolfsburg gave the deal the green light in September 2020, according to anonymous sources who spoke to British magazine Car, but the company's supervisory board hasn't approved it yet. Selling the French company isn't as simple as sending company founder Mate Rimac an email with an account number. Insiders explained Volkswagen would likely trade Bugatti and all of its assets for a significant stake in Rimac that would be transferred directly to Porsche, which already owns 15.5% of the brand. Officials hope to increase that figure to about 49%, meaning Bugatti is theoretically worth about 33.5% of Rimac, which was founded in 2009. Bugatti told Autoblog it can't comment on speculation. Mate Rimac gave us a similar answer. Rumors of a Bugatti sale have hovered around the automotive industry for several years, and they've never materialized. In theory, spinning off the brand would be relatively easy because it's not as deeply integrated into the Volkswagen Group as its sister companies. It doesn't share its W16 engine with another carmaker, for example. And yet, Car speculates Lamborghini, SEAT, ItalDesign, Bentley, and Ducati will also be sold in the coming years, leaving Volkswagen with its namesake division, Skoda, Audi, Porsche, Scania, and MAN. Volkswagen is having an estate sale to fund the development of electric, autonomous, and digital technologies. Its downsizing will send ripples through the auto industry. Porsche could move upmarket if it doesn't have to worry about stepping on Lamborghini's toes, for example. Spinoffs are always risky, so some companies may not survive if they're not bolstered by economies of scale. As of writing, there's no word on who will pick up the brands being divested under this scenario. And, keep in mind none of this is official. Volkswagen hasn't commented on the report. We'll update this developing story as more information becomes available.

Ecotricity offering 1,000 free EV miles to new customers

Ecotricity is offering electric vehicle drivers in the United Kingdom an lengthy incentive for using green energy: 1,000 miles of free fast charging per year. Called "Green Electricity + Car," the program will power customers' homes with renewable power allow them to charge their cars through Ecotricity's national network of fast chargers, which the company has named the Electric Highway. It makes complete sense for Ecotricity. "To get the greatest environmental benefit from an electric car, it needs to be charged using 100 percent green electricity from the wind and the sun – otherwise you're still powering it from dirty fossil fuels," wrote Dale Vince, founder of Ecotricity. Ecotricity, a UK-based producer of green energy, wants to bring fast charging to 90 percent of highway service stations around the UK in the near future and four fast chargers are installed per week under the Electric Highway campaign, the company says. Users can fast charge their EVs in 20-to-30 minutes. Ecotricity recently instituted a price freeze for all gas and electricity customers until April 1, reducing energy costs below what's being billed by the country's "Big Six" energy companies. Green Electricity + Car coincides with Volkswagen bringing its electric e-Up! to the British market. Volkswagen Group (UK) Limited imports VW, Audi, SEAT and Skoda brand vehicles and has signed a deal with Ecotricity as its official green energy supplier. Volkswagen Group customers purchasing an EV through one of its brands can take advantage of a new, reduced-cost Ecotricity tariff and a free smart meter installation. 08 February 2014 Green Electricity + Car Drivers of electric cars will receive 1,000 free miles every year with a new electricity tariff being launched by green energy company Ecotricity. Green Electricity + Car – will not only power customers homes with green energy but also their cars (either 100% electric or plug-in hybrids), plus they'll get free access to Ecotricity's national network of fast chargers[1] – the Electric Highway. This latest move comes after Ecotricity announced a price freeze for all gas and electricity customers until the end of winter (April 1st), making them cheaper[2] than the standard tariff of the Big Six energy companies.