"The Board of Management will carefully weigh the possibility of measures and claims against Mr. Piech."
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 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 durin
Volkswagen made waves with its ultra efficient XL1, a 1,700-pound two-seater that nets a claimed 261 miles per gallon. And while that degree of insane efficiency is admirable, we'd be lying if we didn't see some performance potential with the car's low curb weight and fanatical elimination of aerodynamic drag.
No doubt, Porsche has produced some of the best endurance racecars around, such as the turbocharged, slant-nose 935 of the 1970s and the ground-effects-enhanced 956 and 962 of the 1980s. But the company's most famous racecar, its first overall winner at the 24 Hours of Le Mans, was the 917.
In August, 2009, as the scuttled merger of Porsche and Volkswagen had gone bad and Porsche was backed up against the ropes, Porsche Automobil Holding SE (PAHSE) relinquished a ten-percent stake in itself to Qatar Holdings as well as options it held on 17 percent of VW shares. The sale meant that, for the first time since the founding of the company 61 years before, an entity outside the Porsche and Piech families had a say in the running of PAHSE.
In a move seen as yet another way for the controlling Piech-Porsche family to leverage its muscle over the continent's biggest automaker, Ursula Piech – wife of chairman Ferdinand Piëch – is set to join the Audi supervisory board at the annual shareholder's meeting on May 16. Putting Piëch's wife, a 56-year-old kindergarten teacher, on the board is seen as just a formality as the Piëch and Porsche families already control more than 90 percent of the Porsche SE holding
The throw-down between Fiat CEO Sergio Marchionne and Volkswagen has heated up in earnest. According to Bloomberg, Fiat and Chrysler are now offering current Volkswagen owners in the US $1,000 rebates to trade in their ride. It's the latest in a series of shots Marchionne has taken at his German rival. As you may recall, the Fiat executive entered into a spat with Volkwagen board chairman Ferdinand Piëch and CEO Martin Winterkorn in October after the duo called for Marchionne's resignation
Volkswagen Group Chairman Ferdinand Piëch has seen his fair share of executives leave the company's brands during his time at the helm, but according to Automotive News, he now openly regrets allowing Audi designer Peter Schreyer to go. During a rare interview – with an even rarer admission of fault – Piëch made it clear his company should not have let the talented designer head for Kia, saying plainly, "We should not have let him go." But that wasn't the only revelation. P
Fiat chairman Sergio Marchionne said Friday he will keep his title of President of the European Automotive Manufacturers Association [ACEA], a day after he excoriated Volkswagen executives for calling for his resignation and suggesting in public that Fiat would not survive the economic recession in Europe without a government rescue.
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