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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 forced to sell stake in Suzuki

The six-year-long failed marriage between Volkswagen and Suzuki has finally come to an end. Almost. An arbitration panel in London issued its final verdict which, according to a VW press release, cleared Suzuki in terminating the agreement, so VW now needs to get rid of its 19.9-percent share. However, the tribunal's decision said VW performed all of its obligations and Suzuki didn't – the Japanese carmaker should have given VW last-call rights for a delivery of diesel engines, but failed to. The breach opens Suzuki up to damage claim, but so far VW only says it reserves the right to sue. Now that Suzuki has an outside investor to provide funds it meant to get from VW, perhaps both can get back to their reasons for being. The press release is below. Ruling in arbitration proceedings: Cooperation between Volkswagen and Suzuki deemed terminated - Arbitral tribunal confirms Volkswagen met contractual obligations and finds that Suzuki has ordinary right to terminate agreement based on reasonable notice - Volkswagen to dispose of its 19.9 percent stake in Suzuki and expects positive effect on Company's earnings and liquidity from transaction - Arbitrators also find that Suzuki breached its contractual obligations to Volkswagen under the agreement and that Volkswagen has right to claim damages Wolfsburg, 30 August 2015 - An arbitral tribunal in London has announced its ruling in the dispute between Suzuki Motor Corporation and Volkswagen Aktiengesellschaft. As a result, cooperation between the two parties is deemed terminated. The arbitrators confirmed that Volkswagen met its contractual obligations under the cooperation agreement and found that Suzuki has terminated the agreement upon reasonable notice. Volkswagen will therefore now dispose of its 19.9 percent stake in Suzuki and expects a positive effect on the Company's earnings and liquidity from the transaction. The arbitral tribunal also confirmed that Suzuki breached its contractual obligations to Volkswagen under the agreement and that Volkswagen has the right to claim damages. "We welcome the clarity created by this ruling. The tribunal rejected Suzuki's claims of breach and found that Volkswagen met its contractual obligations under the cooperation agreement. Nevertheless, the arbitrators found that termination of the cooperation agreement by Suzuki on reasonable notice was valid, and that Volkswagen must dispose of the shares purchased.

2015 Volkswagen Golf SportWagen First Drive [w/video]

Volkswagen currently offers five Golf models in the US, and in just a few weeks it will add the 2015 SportWagen to the lineup. The previous version sold as the Jetta SportWagen, although it was technically a Golf. For the new model, VW product planners decided to align all the hatchbacks under the same name. The SportWagen employs the same engines as the Golf, but significantly stretches its new MQB architecture. The result is greater practicality in the form of cargo room. With the seats up the SportWagen holds 30.4 cubic feet, almost 8 more than the Golf. The gap widens to nearly 14 cu ft with the seats folded; a max capacity of 66.5 cu ft puts the SportWagen into compact crossover territory. That added functionality leads VW to think it can sway buyers shopping the likes of the Honda CR-V and Toyota RAV4. And with the high-mpg diesel variant – 31 mpg city, up to 43 highway – VW hopes to lure those considering fuel-sipping MPVs like the Toyota Prius V and Ford C-MAX. What separates this Golf from those other two segments is the driving prowess we've come to expect from Wolfsburg's best-selling nameplate. While the silhouette is similar to the outgoing Jetta wagon, designers honed the character lines to give the Golf SportWagen a more modern, angular aesthetic. The LED headlights look sharp, the hood now scoops down at a steeper angle into the front fenders, and the general proportions – in line with other Golf models – have changed. The new SportWagen is lower, longer, and wider and than the Jetta SportWagen it replaces. Specifically, it is 1.1 inches longer, 0.7 inches wider, and despite being about an inch lower, actually boasts more headroom. Inside, things look pretty familiar to the current Golf family. There are small, premium touches such as a sporty, flat-ish-bottom wheel, piano-black trim, and an optional one-touch panoramic sunroof that makes the cabin a bright, airy, and pleasant place to be. Otherwise, it's your standard Golf fare, but with a whole lot more room out back. The same two engines that power the standard Golf – the 1.8-liter turbocharged inline-four TSI, and 2.0-liter turbocharged TDI diesel – are also found under the hood of the SportWagen. Gasoline-powered models come with a five-speed manual or a traditional six-speed auto, while the TDI gets six-speed transmissions across the board – either as a row-your-own manual, or a dual-clutch DSG auto with steering wheel-mounted paddles.