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Volkswagen Group looks to add ridesharing brand to portfolio

Volkswagen is rapidly trying to put the ongoing diesel scandal behind it at the Paris Motor Show with the unveiling of the automaker's electric I.D. Concept. In addition to unveiling the EV, the automaker also announced that it established a yet-to-be-named subsidiary for ridesharing purposes. The new brand will be VW Group's 13th, and will add mobility services to in the form of a carpooling service, similar to that of Uber and Lyft. This will include teaming up with Gett – a cab-hailing startup that operates in roughly 70 cities worldwide, which includes New York City, that was previously known as GetTaxi. Earlier this year, VW invested $300 million in the company. In addition to ridesharing, VW Group claims it is also hard at work on its own shuttle service as the brand aims to become a leader in urban mobility services by 2025. The name of the 13th brand and more information on the subsidiary will be released in November. VW Group also announced plans to give Gett drivers in Moscow, Russia "preferential terms" on a Volkswagen Polo, Volkswagen Jetta, Skoda Octavia, or Skoda Rapid. VW Group's 13th brand sounds similar to Mercedes-Benz's Vision Van Concept, which the automaker would allow consumers to lease and purchase the vehicle, as well as rent its services on a short-term basis. While the Vision Van Concept is a commercial vehicle that has delivery drones on the roof to aid deliveries, VW Group's shuttle service sounds more like autonomous buses to ferry people around. Now that diesels are dead, Volkswagen has quickly embraced the future, where autonomous and electric vehicles coexist. Related Video: Related Gallery Volkswagen I.D. Concept: Paris 2016 View 16 Photos News Source: Volkswagen Green Paris Motor Show Volkswagen Skoda Autonomous Vehicles Electric vw diesel scandal ridesharing 2016 paris motor show gett

$1.4B hedge fund suit against Porsche dismissed

Investors have canvassed courts in Europe and the US to repeatedly sue Porsche over its failed attempt to take over Volkswagen in 2008 (see here, and here and here), and they have repeatedly failed to win any cases. You can add another big loss to the tally, with Bloomberg reporting that the Stuttgart Regional Court has dismissed a 1.4-billion euro ($1.95B US) lawsuit, the decision explained by the court's assertion that the investors would have lost on their short bets even if Porsche hadn't misled them.
Examining the hedge funds' motives for stock purchases and the bets that VW share prices would fall, judge Carola Wittig said that the funds didn't base their decisions on the key bits of "misinformation," and instead were participating simply in "highly speculative and naked short selling," only to get caught out.
With other cases still pending, the continued streak of victories bodes well for Porsche's courtroom fortunes, since judges will expect new information to consider overturning precedent. If there is any new info, it could come from the potential criminal cases still outstanding against former CEO Wendelin Wiedeking and CFO Holger Härter, who were both indicted on charges of market manipulation.

Automakers score 8 out of top 20 most-watched ads on YouTube [w/videos]

Who would have ever thought there'd be a day where people are able to skip television commercials only to go to websites to watch them later? Such is the joy of a DVR and YouTube. AdWeek tabulated the 20 most-watched ads on YouTube, and found that nine were car-related including eight coming from automakers.
Volkswagen continued its Star Wars theme with two ads in the top 20, including the highest-ranking car commercial The Bark Side spot at number three with almost 18 million views, which doesn't even have a single car in it. Some of our favorites are from Chrysler with Clint Eastwood in It's Halftime in America and House Arrest with Charlie Sheen for the Fiat 500 Abarth. Chevrolet, Honda, Audi and Toyota were the other automakers in the top 20, but we'd be remiss if we didn't at least mention one of the coolest ads on the list, the Hot Wheels corkscrew jump.
Of all the car videos, only the Fiat ad wasn't played during a Super Bowl. Check out all eight videos - in order - after the jump. Nike took the top spot with its My Time is Now ad that has been seen online more than 20 million times with Pepsi's Uncle Drew posted up in the runner-up; some of the other videos include four Old Spice commercials and an ad in which Snoop Dogg is pedaling Hot Pockets.