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EVs still burning aboard ship carrying luxury cars near Azores

LISBON — Heavy tug boats on Tuesday sprayed water on a burning ship carrying thousands of Porsches and Bentleys adrift off the coast of Portugal's Azores islands, the ship's manager said in a statement. The Felicity Ace, carrying around 4,000 vehicles including Porsches, Audis and Bentleys, some with lithium-ion batteries, caught fire on Wednesday last week. The 22 crew members on board were evacuated the same day. Ship manager Mitsui O.S.K. Lines Ltd (MOL) said in a statement the vessel was still on fire but stable, and that no oil leak had been reported so far. It also said the ship was drifting further from the Azores islands in the Atlantic Ocean. Two large tug boats equipped with firefighting gear arrived from Gibraltar on Monday, and were working with another patrol boat to spray water at the Felicity Ace and cool it down, MOL said. The arrival of two other tug boats with more firefighting equipment is scheduled for Feb. 23 and Feb. 26. "Together with the all relevant parties, MOL is making every effort to contain the damage and resolve the situation as soon as possible," MOL said. Joao Mendes Cabecas, the captain of the nearest port on the Azorean island of Faial, said on Sunday the fire had lost its intensity, probably because there was little left to burn. Cabecas said as the fire subsides and the structure cools down, firefighting teams and technicians might be able to board the vessel to prepare to tow it either to Europe or the Bahamas. "When conditions are safe the salvage team will board the Felicity Ace for an initial assessment," MOL added. Cabecas told Reuters over the weekend the lithium-ion batteries in the electric vehicles were "keeping the fire alive." It was not clear whether the batteries had caused the fire. MOL did not immediately respond to a Reuters request for comment on the cause of the fire. Volkswagen, which owns the car brands, said on Monday it did not have any further information to share. Green Bentley Porsche Volkswagen Electric Luxury ev fire

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.

Honda wins Commercial of the Decade, but not for the ad you think [w/VIDEO]

Honda's Commercial of the Decade: "Grrr" - Click above to watch video
The mad men at Adweek recently voted for the Commercial of the Decade (Super Bowl commercials not included) and Honda took top honors over memorable ads from the last ten years by companies like Nike, Budweiser and Sony. That's not a big surprise considering Honda often puts a huge amount of effort into its on-air spots. However, the Japanese automaker didn't win for the commercial you might have expected: "Cog." Though Honda's famous commercial that breaks down a European Accord Tourer into a Rube Goldberg-esque machine was also a finalist, it was beaten by another Honda commercial called "Grrr" that's narrated by Garrison Keillor of all people. You've probably never seen it, but you can after the jump.
Volkswagen also made the list of finalists, but the particular ad chosen out of all the comical VW ads we've seen was unexpected as well. Most surprising carmaker with a commercial in the finals: Saturn. Who knew...