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GM outsold VW globaly in first quarter, Toyota reports numbers next week

General Motors released its first quarter sales figures this week, reporting that it sold 2.36 million cars and trucks worldwide. That figure represents an increase of 3.6 percent when compared to the same period last year. GM's growth was attributed to many factors, including global Cadillac sales that were up 26 percent and Chevrolet posting a one percent increase over last year (this marked Chevy's tenth straight year of record global sales).
Volkswagen came in just behind GM, as the German automaker reported global sales from January through March at 2.27 million vehicles, an increase of five percent when compared to last year. While that number was strong, VW is cautioning that markets outside China and the US, such as those in Europe, are becoming a challenge as economies falter.
Yet to report sales is Toyota, current holder of the global world sales crown (the Japanese company sold 9.75 million cars last year, against 9.29 million sold by GM and 9.1 million vehicles sold by VW). Even though GM and Toyota both say they don't care who sells the most units, it is unquestionably a strong bragging point and sales equate to revenue. That said, Toyota will report its first quarter numbers next week.

Everybody's doing flying cars, so why aren't we soaring over traffic already?

"Where's my flying car?" has been the meme for impending technology that never materializes since before there were memes. And the trough of disillusionment for vehicles that can take to sky continues to nosedive, despite a nonstop fascination with flying cars and a recent rash of announcements about the technology, particularly from traditional automakers. Earlier this month, Toyota applied for an eye-popping patent for a flying car that has wheels with spring-loaded pop-out helicopter rotors. The patent filing says the wheels/rotors would be electrically powered, while in on-land mode the vehicle would have differential steering like tracked vehicles such as tanks and bulldozers. At an airshow in July, Aston Martin unveiled its Volante Vision Concept, an autonomous hybrid-electric vertical takeoff and landing (VTOL) vehicle it developed with Rolls-Royce. Aston says the Volante can fly at top speeds of around 200 mph and bills it as a luxury car for the skies. Audi used the Geneva Motor Show in March to unveil a flying car concept called the Pop.Up Next it developed with Airbus and Italdesign. If the Pop.Up Next, an electric and autonomous quadcopter/city car combo, gets stuck in traffic, an app can be used to summon an Airbus-developed drone to pick up the passenger compartment pod, leaving the chassis behind. Audi said that the Pop.Up Next is a "flexible on-demand concept that could open up mobility in the third dimension to people in cities." But Audi also acknowledged that at this point it has no plans to develop it. The cash-stoked, skies-the-limit Silicon Valley tech crowd is also bullish on flying cars. The startup Kitty Hawk that's backed by Google co-founder Larry Page announced in June that it's taking pre-orders for its single-seat electric Flyer that's powered by 10 propellers and is capable of vertical takeoffs and landings. The current version can only fly up to 20 mph and 10 feet in the air and has a flight time of just 12 to 20 minutes on a full charge. The Flyer is considered a recreational vehicle, so doesn't require a pilot's license. Uber says it plans to launch its more ambitious Elevate program and UberAIR service in 2023. "Uber customers will be able to push a button and get a flight on-demand with uberAIR in Dallas, Los Angeles and a third international market," Uber Elevate promises on its website.

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.