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Former Porsche CEO Wiedeking indicted over VW takeover bid

Do you recall the failed efforts by Porsche to take over Volkswagen? According to a Bloomberg report, former Porsche CEO Wendelin Wiedeking (above) and ex-CFO Holger Haerter have finally been charged with market manipulation over the exercising of options as part of the German sportscar manufacturer's ill-fated attempt to take over the much larger VW. That failed bid eventually resulted in the reverse coming true - VW swallowing Porsche.
The charges leveled by Stuttgart prosecutors come after a three-year investigation centered around allegations that Porsche execs made a concerted effort to increase the company's share in VW to 75 percent in preparation for a hostile takeover. Porsche had previously told its investors on at least five occasions that it had no intention to buy VW.
Portions of the investigation have subsided, according to prosecutors, citing an inability to prove certain improprieties with a "necessary degree of certainty." The number of charges is down to 5 from a previous 14 counts regarding "information-based market manipulation."

10 best new car deals of November 2021

Sales of new cars, trucks and SUVs were drastically affected in 2020 due to the (still) ongoing coronavirus pandemic. The market started to show signs of recovery toward the end of last year before really coming on strong in the early months of 2021. Of course, then pandemic-related parts and worker shortages along with global shipping constraints started running amok and causing a great deal of pricing fluctuation and a limited supply of certain vehicles. Those problems (among other things) have led to record-high new-car transaction prices in the United States. The good news is that there are still plenty of great deals on new cars. Using data provided by TrueCar, we’ve compiled a list of some of the best automotive deals for November 2021. WeÂ’ve noted the original MSRP, the average transaction price, and the total savings in both dollars and as a percentage of the original sticker price. Basically, weÂ’ve done all the hard work for you! So now, all you need to do is compare deals, go on a few test drives, and maybe drive away in a great car (and an even better bargain).

Volkswagen plans expansion, tech center in Chattanooga

Volkswagen is expanding its growing Chattanooga, TN, factory by even more than the original plans after winning the local government's approval. The German automaker announced its intention last year to invest $900 million to add 538,000 square feet of floor space to the plant, which would add 2,000 new jobs. The company just went back to the city for permission to increase the expansion by a further 130,153 square feet for an even larger body shop. The extra construction is estimated to cost around $18 million. VW spokesperson Catharina Mette described the decision as "a cost-saving option," to Autoblog. "Taking this action now saves money while giving us flexibility as we integrate the MQB platform in the future," she said. By the end of 2016, the Chattanooga plant will begin production of VW's forthcoming crossover, which should look similar to the Cross Coupe GTE concept. VW has further plans for the research, development, and planning center near the factory. According to the Chattanooga Times Free Press, some of the designers and engineers will start work at a temporary facility there next week. A permanent location will open in 2017 with a test track and space to perform crash evaluations. The engineering center is meant to speed up the rate of vehicle development to bring models to the North American market more quickly."This will be the central entity in all the US, and hopefully all of North America," Matthias Erb, who oversees the center, said to the newspaper. Related Video: