1973 Vw Karmann Ghia With Only 75592 Original Miles on 2040-cars

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Porsche CEO Matthias Mueller throws hat back in ring for VW CEO job

Toward the end of February it got leaked that Porsche CEO Matthias Muller was being promoted to Volkswagen's supervisory board. Muller's credentials and his success over 36 years at the VW Group have, for observers, put his name in the pool of potential candidates to succeed current group CEO Martin Winterkorn when Winterkorn retires in two years. But the 61-year-old Muller told German newspaper Frankfurter Allgemeine Zeitung earlier in February, "It's no solution to put a 63-year-old at the head of Volkswagen," and the statement was taken to mean he wasn't considering the job. Muller now says the quote was misunderstood. In a report in Automotive News, the newly minted board member says he was commenting on what it would mean for the supervisory board and the Group if they nominated a 63-year-old to replace a 69-year-old - that it wouldn't result in a "generation change." However, if that's what they choose to do, Muller feels great: "I stand ready to take over any assignment," he said. Muller's name re-enters the candidacy pool, but we still have no idea who leads the running for the role and Winterkorn isn't saying a word. It could be three years before we know: Winterkorn's contract concludes at the end of next year but there is speculation he'll re-up for two years to see out the end of the Strategy 2018 initiative.

2023 New York Auto Show Live Updates: Hyundai's surprise, Nissan's super stand, '24 Wrangler

The 2023 New York International Auto Show shifts into high gear Wednesday, April 5, and our reporters are already in the city, with events unfolding even as we speak. We'll being seeing cars in person, interviewing automaker insiders and snapping photos of vehicles and all the other oddities that pop up at an event like this and we'll be giving you live updates and color from the show floor along the way.  Ram, Hyundai, Subaru, Kia, VW and Jeep are all expected to show something new this week, and other automakers are known to be hosting off-site events that may produce news — expected or otherwise. Genesis has already revealed its GV80 Coupe, for example, along with the fact that it has been confirmed as a production model. And we're just getting started.  Read on below for our observations from the show floor and points beyond: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.     Green New York Auto Show Genesis Hyundai Jeep Kia RAM Subaru Volkswagen Concept Cars Electric Future Vehicles

Porsche board members facing another ˆ1.8B lawsuit over VW takeover bid

Back in 2008, Porsche got the bright idea that it could take over Volkswagen in the midst of the worst economic slump since the Great Depression. Ignoring that this was a catastrophic move for the Stuttgart sports car manufacturer that that eventually resulted in it nearly going bankrupt and eventually being taken over by the same company it sought to control, the aftermath has left Porsche Chairman Wolfgang Porsche and board member Ferdinand Piëch in the crosshairs of seven hedge funds that lost out during the takeover and are now seeking €1.8 billion - $2.43 billion US - in damages from the two execs, according to the BBC.
See, investors bet on Volkswagen's share price going down, partially because Porsche said it wasn't going to attempt a takeover. But Porsche was attempting to take over VW, having bought up nearly 75-percent of VW's publicly traded shares. When word broke that Porsche owned nearly three-quarters of VW (which indicated an imminent takeover attempt), rather than go down like the hedge funds bet it would, VW's share price skyrocketed to over 1,000 euros per share, according to Reuters.
Naturally, when you bet that a company's share price is going to drop and it in turn (temporarily) becomes the world's most valuable company, you lose a lot of money, unless you're able to buy up shares before prices jump too much. This led to a squeeze on the stock, which the hedge funds accuse Porsche and Piëch (who are both members of the Porsche family and supervisory board) of organizing.