1970 Volkswagen Karmann Ghia 1.6l Coupe on 2040-cars

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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.

Volkswagen might cut 40 models across brands to save cash

Volkswagen once set out to pass Toyota and General Motors and become the largest automaker in the world. Following months of fallout from the diesel emissions scandal, the manufacturer is rumored to be dropping around 40 models from its company-wide lineup. According to German business and finance publication Handelsblatt, the Volkswagen Group is looking to slim down and remove a number of low-volume vehicles from various lineups. The company currently sells around 340 models across brands that include Audi, Lamborghini, and Bentley. Volkswagen is refusing to comment, but Handelsblatt claims to have sources within the company. Last week, Volkswagen Group CEO Matthias Muller announced a new strategy for the company that includes a major focus on electric vehicles and new technology services. During his announcement, Muller said the company would be cutting a number of models, but at the time no numbers, models, or brands were discussed. Despite comments to the contrary, rumors have persisted since late last year that Volkswagen was looking to sell commercial truck and bus manufacturer MAN. Volkswagen owns truck and bus manufacturer Scania, so even if it dropped MAN, the company would still have a foothold within the bus and truck market. There is also talk of the company selling Italian motorcycle manufacturer Ducati, which Volkswagen acquired via Audi in 2012. The company's image has taken a huge hit in the wake of the diesel scandal. Volkswagen has set aside cash in order to pay fines and may be looking to sell these several subsidiaries and cut low-volume models in order offset the costs. Despite the scandal, the company led worldwide sales in the first quarter of 2016. The same was true in 2015, but sales tanked at the end of the year following the diesel revelations. Related Video: Rumormill Audi Bentley Volkswagen Ducati

Recharge Wrap-up: VW Golf TDI wins green car award, DC buses might go electric

The 2015 Volkswagen Golf TDI has won the award for 2014 Northwest Green Car or the Year. The distinction comes from the Northwest Automotive Press Association during its Drive Revolution event in Portland. Co-chairman of the event, Jeff Zurschmeide, says, "Volkswagen has led the diesel passenger car market for years, and the Golf TDI proves that they're likely to stay on top for a while." The 2015 Golf TDI has 10 more horsepower than the outgoing model, while improving fuel economy thanks to a new engine. It also has a base price $3,000 lower than the 2014 Golf TDI. Read more in the press release below. The BMW i8 gets its laser high-beam headlights from lighting company Osram. The laser lights use half the energy of their LED counterparts, according to BMW, which is important when one is trying to get every last bit of range out of the car's battery. The laser high beams can also reach about twice as far as LED lighting. Because of their brightness, they won't be available on cars sold in the US. In laser-equipped i8s, the laser high beams will not work below 60 kilometers per hour, nor when other lights are detected in front of the vehicle. Head to Automotive News Europe to read more. Renault has delivered a fleet of 30 Kangoo ZEs to Uruguay's government-owned power company, UTE. The electric fleet will allow the company to reduce its CO2 emissions by 36 metric tons, says Renault. 84 percent of Uruguay's electricity comes from renewable sources, with a goal of 90 percent on the horizon. Uruguay aims to get a third of its electricity from wind farms by 2016, meaning these Kangoo ZEs will be powered in no small part by renewable energy. For Renault, "This order is a further sign of the interest in the region for electric vehicles," according to Denis Barbier, Renault's senior vice president, citing previous deliveries in Brazil, Mexico, Argentina and Colombia. Read more in the press release at Renault's website. Washington DC's "Circulator" bus routes may go electric. Some of the diesel buses, which were first put to work in 2003, are nearing the end of their life cycle, and DC sees an opportunity to make the switch to something a little greener. "Electric has not been a viable option in previous procurements, but now it is," says Will Handsfield, Georgetown Business Improvement District's transportation director. Handsfield is concerned about air quality, and says he also appreciates the long-term stability of electric rates compared to diesel.