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Former Porsche boss Wiedeking won't face criminal charges over VW bid

Hedge fund managers have been suing Porsche for years now, alleging that the car company lied about its intentions during its failed attempt to take over Volkswagen, a gambit that caused them billion in losses. Over the same period, authorities in Stuttgart built a criminal case against former CEO Wendelin Wiedeking (above, left) and Chief Financial Officer Holger Härter (right), filing charges in December 2012. When those fund plaintiffs lost their most recent court case, one of the dimming lights in the dark and receding tunnel was that the criminal investigation might unearth more evidence about Porsche's actions that could help the plaintiffs in pending litigation.
Bloomberg reports that another light has gone out, though, with a Stuttgart court dismissing the market manipulation case before going to trial because, as a court spokesperson said, "there wasn't enough evidence backing up the charges." When prosecutors get the files back from the court, they have a week to decide to refile, but unless they've been sandbagging evidence that could bolster the case, the only lights at the end of the tunnel will be those welcoming Wiedeking and Härter back to the world of legally unencumbered men.

Volkswagen and Porsche recall Touareg and Cayenne

The Basics: Volkswagen and Porsche will recall about 800,000 units worldwide of the 2011-2016 Touareg and Cayenne, according to Reuters. Of these, there are 88,300 Cayennes and 46,700 Touaregs in the US. The Problem: A securing clip on the brake pedal hinge could be missing. This can cause the pedal pivot pin to move, and "the pedal could lose guidance," according to Volkswagen's statement. Over time, the problem might cause the pedal hinge to fracture, which could make it impossible to activate the brakes. Injuries/Deaths: Porsche's statement says, "this is a purely precautionary measure, as there have been no reports of accidents or injuries as a result of this concern." Volkswagen's statement reports, "no incidents have occurred in the US to date. However, single events have been reported overseas." The Fix: Dealers will inspect the clip and reinstall it if necessary. If you own one: Porsche says it discovered the problem during internal inspections. Related Video: PORSCHE EXAMINES CAYENNE MODELS AS A PREVENTATIVE MEASURE Inspection of pedal hinge clip Atlanta, Georgia. Voluntary safety recall: Porsche is conducting an examination of 409,477 Cayenne models worldwide from model years 2011 to 2016 for a precautionary inspection, of which 88,300 are in the United States and 10,370 are in Canada. The reason for this is a clip may have become dislodged from the pedal bracket. We are implementing a voluntary recall to inspect all Cayenne vehicles built during that period to ensure the clip is present and to re-install it if necessary. The problem was identified during internal inspections and remedied in production. This is a purely precautionary measure, as there have been no reports of accidents or injuries as a result of this concern. ### Volkswagen Statement Volkswagen has notified NHTSA of an upcoming voluntary safety recall affecting approximately 46,700 Volkswagen Touareg vehicles from the 2011-2016 model years. In rare cases, a securing clip at the brake pedal hinge may be missing. If the clip is missing, the pedal pivot pin could start to move and the pedal could lose guidance. If this remains undiscovered, the pedal hinge could fracture after continued operation, allowing the pedal to dislodge. A customer may not be able to properly actuate the brakes with a dislodged brake pedal. A non-functional brake or reduced braking power could result in a crash. No incidents have occurred in the U.S. to date.

VW could fight Uber Black with Porsche and Audi vehicles

Last week, the Volkswagen group dumped $300 million into Gett, a taxi hailing-cum-ride sharing app that's big outside of the US. Now, the company has revealed that it's pondering a rival to Uber Black by offering private drivers access to its higher-end vehicles. Details are scarce since it's a single line reference in a very long press release, but VW says that it's looking at a "special chauffeur service" that features "premium brands, such as Audi and Porsche." What that looks like in reality is anyone's guess, although the idea of getting ferried around in an Audi RS 7 does have some appeal. The deal with Gett will concentrate on getting Volkswagen cars into the hands of Gett's drivers with the promise of juicy discounts. For instance, the firm will offer a special package that'll bundle car insurance and servicing with the purchase price, which can be paid by a would-be operator in installments. It's a similar deal to the one that Uber offers would-be drivers, letting them buy cars from manufacturers like Volkswagen, Ford and Toyota at a discount. Uber, however, also lets prospective cabbies rent their vehicle on a monthly basis, thanks to a deal with Enterprise. Both of which will likely become more muscular now that Uber has a further $3.5 billion in its back pocket. The troubling fact for the auto industry is that people will still need cars, but it's likely that they won't need as many as they do right now. On-demand services and self-driving vehicles are, after all, intended to shuttle around cities like an ersatz taxi-cum-metro system rather than sitting in parking lots. The concepts of ownership that we currently hold dear (and the profits that car companies get from them) are likely to fade away in the next, say, fifty years time. As such, conglomerates like VW will have to reinvent themselves as both manufacturer and transport company in one. But these changes are never easy, especially when the biggest car firms have tons of baggage that slows down their progress. Many are still devoting time and resources to producing thousands of new cars with combustion engines that will be on the roads for years to come. Looming in the shadow, however, is the emissions scandal, with the financial and reputational penalties likely to be felt for years to come. Younger, more nimble rivals without legacy businesses, like Tesla, are working on mass-producing electric cars for mass-market prices.