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Porsche's former CEO Wiedeking to stand trial over VW-share manipulation

Former Porsche CEO Wendelin Wiedeking (left in the above photo) could potentially be facing some time in the slammer after all. The last we had heard, he and former Chief Financial Officer Holger Haerter (right) had avoided a trial in April due to a lack of evidence. However, an appeals court in Stuttgart has looked at the case again and overruled the earlier decision, finding that the executives should be tried for share manipulation during Porsche's failed attempt to take over Volkswagen in 2008, Bloomberg reports.
The judges in the appeal "list numerous indications that could suggest that there was a hidden decision to increase the stake as they could suggest the opposite evaluation by the lower court," said Stefan Schueler, a spokesperson for the court, in a statement cited by Bloomberg. Wiedeking and Haerter put out their own releases saying that there was no merit to the charges.
The prosecutors allege that Wiedeking and Haerter had a plan to buy up VW stock options in 2008 to take the automotive giant over but hid it from investors. The whole thing was a massive failure and eventually allowed VW the chance to acquire Porsche and forced the two execs to step down. In addition to the criminal investigation, hedge funds have attempted to sue the company multiple times in civil court for the same reason, but they have repeatedly failed.

McLaren rules out Porsche Cayman competitor

McLaren has gone downmarket with the introduction of its new Sports Series, but don't expect it to go any lower than that. So while the 570S goes up against the Audi R8 and Porsche 911 Turbo, the likes of the TT and Cayman can rest easy. Speaking with Autocar, McLaren designer Robert Melville ruled out the prospect of developing a sports car positioned lower than the Sports Series. Melville dismissed the idea of a Cayman rival from Woking as "a step too far" and "not exclusive enough" for McLaren. "You look at Ferrari. They are coming from very high end. [The 570S] is stretching us down to R8s and 911s and is as low as we'd want to come." The limit may be dictated, more than anything, by the building blocks. The newly introduced Sports Series adopts the same essential hard points as the higher-end Super Series (650S) and Ultimate Series (P1). Like its more expensive siblings, it features a 3.8-liter twin-turbo V8 mated to a seven-speed dual-clutch transmission and bolted to the back of a carbon monocoque chassis. Only instead of selling for $265k like the 650S or over $1 million like the P1, the 570S will retail for under $190k. Volume is how the manufacturer aims to make up the difference. In fact McLaren stands to generate as much revenue (if not necessarily the same profit margin) selling 2,500 units in the Sports Series each year as it has producing all 375 examples of the P1. Making those same building blocks available at a lower price point – or developing an entirely new set – would be an entirely different proposition... one which McLaren is evidently less than keen to undertake. So while we can look forward to new versions of the Sports Series to follow – including Spider and GT variants soon to follow – more commonplace stablemate appears to be off the table. Related Video: Featured Gallery 2016 McLaren 570S: First Drive View 34 Photos News Source: AutocarImage Credit: Copyright 2015 AOL McLaren Porsche Performance Supercars mclaren 570s mclaren sports series

Porsche acquires Kyalami race track at auction

With more victories under its belt than any other manufacturer, you could say, in a figurative sense at least, that Porsche owns countless numbers of race tracks around the world. But here we're not talking about figuratively owning a track - we're talking about literally buying one. And Porsche has just bought Kyalami.
Kylamai, for those unfamiliar, is a grand prix circuit near Johannesburg in South Africa. Between 1967 and 1985, and again in '92 and '93, it was home to the South African Grand Prix, and has since hosted a variety of local and lower-level international races, but apparently fell on hard times. As a result, the track's owners - listed as Universal Property Professionals - put it up for auction. Bidders had to deposit four million Rand (about $380k) to participate, but after just 50 seconds, the auction was over.
The winning bid was placed - via telephone from the local press launch for the Macan - by Porsche South Africa CEO Toby Venter, who bid a reported 205 million rand (about $19.5 million) to take over the complex. The German automaker's South African division reportedly intends to keep the track open for racing, but could also be expected to use the facility for testing, customer track days and such moving forward.