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Porsche again staring down another $1.8B in hedge fund lawsuits

The sequence of events from 2007 that began with Porsche's secret attempt to take over Volkswagen, and instead lead to Porsche being taken over by VW, continues to instigate lawsuits against the Stuttgart sports car manufacturer. A group of hedge funds that suffered over $1 billion in losses sued the car company in New York. Porsche had publicly stated it wasn't trying to buy VW, the hedge funds in question were shorting VW stock, and when Porsche's actual intentions were revealed, the stock shot up and the hedge funds took a beating.
The case was thrown out over the issue of jurisdiction, then appealed, only to see another suit filed on top of that. After that, most of the hedge funds withdrew their claims in New York and Porsche offered a 90-day window to refile in Germany where it is already fighting a number of other suits over the same issue. The hedge funds accepted the offer, refiling in Stuttgart for $1.8 billion in damages. According to Bloomberg, Porsche hasn't commented on the refiling, but as the same plaintiffs are involved, it's safe to assume that the carmaker still feels the case is "unsubstantiated and without merit." It has fared alright so far even in German courts, with two lesser cases against it thrown out last year.

2020 Virtual Geneva Motor Show Editors' Picks

There may not have been an actual Geneva Motor Show this year, but there were still loads of car reveals that happened the week that the show would have happened. So we still wanted to highlight what our favorites of the would-be show. Our list of cars seemed to match the theme of the reveals, too, highlighting over-the-top supercars and forward thinking electric vehicles. Scroll down to see our favorites. Fifth Place: Aston Martin V12 Speedster - 21 points Managing Editor, Greg Rasa: Astons are works of art, and this one's ready for the Louvre. The design nods to Aston history are nifty. It looks like a jet fighter, except those have canopies. Not sure what 186 mph would be like in this, but don't try it in summer when there are bugs. Contributing Editor, Joe Lorio: Admittedly, this one is a little silly. A $950,000 sports car with no roof? A 700-hp two-seater with no windshield? But the offerings at the Geneva auto show have always tilted toward absurdity, and Aston’s V12 Speedster is endearingly outrageous as a fighter plane for the street. Third Place (Tie): Volkswagen ID.4 - 26 points Senior Producer, Chris McGraw: I don't have much to say about this other than I am a huge fan of more EVs coming to the market, which is why two-thirds of my picks are electric, including the ID.4. Producer, Alex Malberg: Any new fully-electric crossover is a vote for me. The fact it doesn't look terrible and VW will be including AWD later are bonuses.  Third Place (Tie): Alfa Romeo Giulia Quadrifoglio GTA - 26 points Road Test Editor, Zac Palmer: Hard to argue with the logic of this one. The Giulia Quadrifoglio is already the best driver in this class of hot sedans, so why not extend the lead with a special model. That wing is Type R levels of high, and I completely approve. Associate Editor, Byron Hurd: Love this car. Love it, love it, love it. It's beautiful, aggressive and fast. I'd take it over an M3 or C63 any day. As cool as the GTAm is, though, I'd rather stick to the four-seat GTA. Something about a four-door car with two seats just doesn't really work for me. I haven't alienated ALL of my friends quite yet. Second Place: Hyundai Prophecy - 35 points Senior Editor, Green, John Snyder: I get whiffs of the Genesis Coupe from this sleek concept. I like the focus on form, with interesting details to discover if you look for them. West Coast Editor, James Riswick: Does it look like a Porsche? Sure, but Porsches look neat.

VW exec calls US ops a 'disaster'

Today in the Tell Us How You Really Feel file we have Bernd Osterloh, head of Volkswagen AG's Group Works Councils and member of the company's supervisory board, labeling the company's US operations "a disaster." Why? Because Osterloh believes VW of America doesn't have the models it needs to be competitive here, hasn't been decisive enough about its plans and German higher-ups still don't understand the US market.
In truth, the top labor rep at the German conglomerate is echoing sentiments we've heard from VWoA executives for years, and there's been the same commentary from dealers: Germany doesn't pay enough attention to what the US market really wants. Even ex-VWoA CEO Stefan Jacoby, who preceded the recently departed Jonathan Browning, said early in his tenure that one of his tasks was to get his German bosses to start delivering what the US market demanded. New CEO Michael Horn is saying much the same thing seven years later, telling Sky News that it has to increase "the speed at which we bring new models to the market and innovation to the market."
Osterloh wants to get "more models" here, including a pickup truck, but we'd wonder if the economics have changed from when Jacoby said they'd need to sell 100,000 per year to make money. Osterloh also wants a decision on where the CrossBlue will be built. Although it looked as if the Chatanooga, TN plant would get the call, the Puebla, Mexico plant is still in the running because of lower operating costs. No matter what happens right now, Osterloh thinks the situation won't get better for another two years when revamped models arrive, but at least the company can start taking the steps for a better US future.