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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.

Porsche 918 Spyder recalled over bad wiring harness

An investigation of customer concerns has led to a global recall of the Porsche 918 Spyder, including 223 units in North America. The carmaker said that a carbon fiber component can damage a radiator fan wiring harness, so it is contacting owners directly to have their cars brought in for a service inspection. The issue affects cars built through the end of April 2015; cars built after that use a revised design. Dealers will remount the wiring harness, a process that should take half a day. You'll find more information in the press release below. Related Video: Porsche recalling 918 Spyder models for service inspection Precautionary recall: affected customers will be contacted directly Atlanta. Porsche has issued a global recall for 918 Spyder models that have already been delivered. This precautionary recall for a service inspection affects 223 vehicles in the United States. This is because the electric wiring harness for a radiator fan in vehicles manufactured up until the end of April 2015 could be damaged by a carbon-fiber component. The wiring harness will be examined and optimally remounted in the work shop. The cause was identified following a detailed examination of inquiries. Corrective measures have subsequently been taken in manufacturing. The owners of the affected vehicles will be contacted directly by Porsche Cars North America. The service visit, which will be free of charge, will be arranged as quickly as possible and the inspection will likely require the vehicle to be left in the shop for half a day. Featured Gallery 2015 Porsche 918 Spyder: First Drive View 51 Photos Image Credit: Copyright 2015 Porsche / AOL Green Recalls Porsche Safety Convertible Hybrid Luxury Performance porsche 918 spyder

Porsche 911 Aerodynamic prototype cheated the wind ahead of its time

You might think that sports cars would have the lowest drag coefficient of all cars. And yes, they do tend to be more slippery than, say, SUVs or convertibles, but the sleekest vehicles on the road tend to be EVs, hybrids and luxury sedans. Sports cars, on the other hand, have aerodynamically detrimental needs for downforce and additional engine cooling. Still, the Porsche 911 is better than most, and has only gotten more so over the years. Its relatively narrow track and compact form mean it has a smaller frontal area than some other sports cars, and the gradual sweeping back of its headlights and windshield have only augmented its capacity for cheating the wind.
This 911 prototype, however, is even more aerodynamic than most. It's based on a "G model" 911 from 1984, but employed such features as covered wheels, a new rear spoiler and a reprofiled front end to drop its drag coefficient from 0.40 to 0.27, making it as slippery as a modern sedan and better at cheating the wind than just about anything built up to that point, save for maybe the Tatra 77, Citroën SM or Tucker Torpedo.
Elements of this prototype ended up gradually making it into production Porsches for years to come, and you can clearly see early influences on the second-generation 964 and even on the 959. It's featured here as the latest installment in a video series on rare historic Porsches unearthed from the company archives, following previous clips that featured a rare V8-powered 911 and a mid-engined 911 prototype. Scope out the latest episode in the video below.