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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.

Bentley Bentayga bodies to be built in Bratislava

Volkswagen's plant in Bratislava, Slovakia, has come a long way. After getting its start in 1971 by subcontracting the production of Skoda-branded vehicles, the plant was purchased by VW in 1991, where it was quickly put to further good use as it began producing Volkswagen Passat models for export. More recently, Bratislava has become a bastion for SUVs, assembling the Audi Q7 and Porsche Cayenne, in addition to the VW Touareg. Color us unsurprised, then, to learn that the Bentley Bentayga, which will be built atop the same large SUV platform as its cousins from Audi, Porsche and VW, will also be used for at least part of the production of Bentley's first SUV. Surely, though, one of the hallmarks of the Bentley brand is that its cars are handmade in England. Won't the Bentley-buying populace feel slighted by production in Slovakia? Not to worry. As is the case with the Porsche Cayenne, all that will be produced in Slovakia is the Bentayga's body. According to a report from Automotive News, bodies for the Bentayga will be shipped from Bratislava to Crewe, England, where they will be finished into fully operational vehicles. In order to accommodate the additional work, VW will reportedly invest 500 million euros into the plant in Slovakia and hire hundreds of workers.

Yes, a family of 5 can live in a 1981 VW Westfalia van

Automakers and marketers trying to reach environmentally conscious consumers who desire the simple life basically have two strategies: promote electric vehicles that can be charged through green energy or sell a 30-year-old Volkswagen van on Craigslist. Nicolas Boullosa and Kirsten Dirksen opted for Plan B and turned a 1981 Volkswagen Westfalia camper into a "micro-living" experiment. The co-founders of the simple living website faircompanies packed up their van and three young children for a road trip through the Pacific Northwest. They even turned the adventure into a documentary called Summer of (Family) Love, which you can view below. It's two hours long, so maybe add this to your weekend viewing list. They limited themselves to one backpack per person into a camper that they purchased off Craigslist and named "Westy." They stuck to their original intention of cooking all their own meals off a propane stove, creating a new little home every night in a different location, mostly spaces outside RV parks. They met up with other enthusiasts of the "tiny house" community who live like nomads. They were able to interview a few of then and, "With each stop we picked up some new piece of wisdom about life's essentials," Dirksen wrote in the faircompanies blog. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Faircompanies via Treehugger Green Volkswagen Green Culture Transportation Alternatives vw van westfalia