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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.

VW Group recalls 27k Touaregs, Audis and Porsches for fuel leak

The Volkswagen Group is one of the most expansive in the entire industry, and shares parts across more product lines than we could wrap our heads around. So when the German megalith finds a fault in one of its components, it has the capacity to spread like wildfire. The latest set of recall notices from the National Highway Traffic Safety Administration covers vehicles from the Volkswagen, Audi and Porsche divisions. The problem revolves around the fuel injection system, which could potentially leak and cause a fire. The recall affects – deep breath now – the 2012 VW Touareg Hybrid, the 2011-12 Porsche Cayenne S Hybrid and Panamera S Hybrid, 2011-12 Audi S4, S5 and Q7 and the 2012-13 Audi A7. All told, that amounts to 27,376 units, the owners of which can expect to hear from the manufacturer to have the fuel rails replaced, along with their corresponding seals (having nothing to do with marine mammals writing letters). RECALL Subject : Fuel Injection System Fuel Leak Report Receipt Date: JAN 20, 2015 NHTSA Campaign Number: 15V019000 Component(s): FUEL SYSTEM, GASOLINE Potential Number of Units Affected: 26,008 Manufacturer: Volkswagen Group of America, Inc. SUMMARY: Volkswagen Group of America, Inc. (Volkswagen) is recalling certain model year 2011-2012 Audi S4, S5, Q7, 2012 Audi A6, Volkswagen Touareg Hybrid, and 2012-2013 Audi A7 vehicles. In the affected vehicles the fuel injection system may experience a fuel leak. CONSEQUENCE: A fuel leak in the injection system in the presence of an ignition source, increases the risk of a fire. REMEDY: Volkswagen will notify owners, and dealers will replace the fuel rails and corresponding seals, free of charge. The recall is expected to begin March 10, 2015. Owners may contact Audi customer service at 1-800-822-2834 or Volkswagen customer service at 1-800-893-5298. Volkswagen's numbers for this recall are 24AP for Audi customers and 24BK for Volkswagen customers. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. ### RECALL Subject : Fuel Injection System may Leak Report Receipt Date: JAN 20, 2015 NHTSA Campaign Number: 15V016000 Component(s): ENGINE AND ENGINE COOLING Potential Number of Units Affected: 1,368 Manufacturer: Porsche Cars North America, Inc. SUMMARY: Porsche Cars North America, Inc.

Volkswagen Golf voted 2013 European Car of the Year

The seventh-generation Volkswagen Golf just went on sale in Europe, but it is already off to a promising start. Announced as the Geneva Motor Show kicked off, the newest Golf was named European Car of the Year for 2013 in dominating style over cars like the Subaru BRZ/Toyota GT86 twins, Volvo V40, Ford B-Max and Mercedes-Benz A-Class.
According to Automotive News Europe, the MkVII Golf won handily over its rivals with a total of 414 votes. The Subaru BRZ and Toyota GT86 received 202 votes finishing in a distant second, while the Volvo V40 (189 votes), Ford B-Max (148 votes) and Mercedes-Benz A-Class (138 votes) round out the top five. The new Golf marks the third Volkswagen product to receive the prestigious award with previous cars including the MkIII Golf and the most recent iteration of the Polo.