Scandal pits Porsche-Piech families against labor, regional interests
"The Board of Management will carefully weigh the possibility of measures and claims against Mr. Piech."
Bob Lutz has some not-so-nice things to say about Ferdinand Piech, going so far as to blame the former Volkswagen Group exec for the company's diesel woes.
Former Porsche SE execs, including Wendelin Wiedeking, Holger Haerter, and now Anton Hunger, have been indicted for alleged stock manipulation during the failed takeover of Volkswagen. Prosecutors dropped charges against Ferdinand Piech and Wolfgang Porsche.
Recently ousted VW supervisory board chairman Ferdinand Piech is opposing the appointment of two of his nieces to the newly vacant seats. He claims they don't have enough industry experience.
The latest reports indicate that Ferdinand Piech's sudden departure as chairman of the Volkswagen Group supervisory board came after a failed attempt to supplant CEO Martin Winterkorn. But the bigger question now is who will take his place.
The public showdown between VW Group Chairman Ferdinand Piëch and Group CEO Martin Winterkorn is calm for now, but there's a chance it has damaged Piëch's position and it most likely isn't over.
With Ferdinand Piech opposing Martin Winterkorn's bid to become Volkswagen Group chairman, an upcoming meeting between the two over the position could be tense.
Audi wants to use the names Q2 and Q4 for coming crossover products, but Fiat owns those trademarks and appears unlikely to sell them. It's said that Fiat CEO Sergio Marchionne is loathe to do anything that would aid any company under VW Group CEO Ferdinand Piëch.
The real hurdle is that Volkswagen overlord Ferdinand Piëch doesn't like Bernie Ecclestone on a personal or professional level.
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.
Reports by German newspaper Handelsblatt claimed that sources close to Volkswagen's chairman and former CEO Ferdinand Piëch have said that the 76-year-old chairman will step down amidst health problems, but VW is denying the reports, according to Reuters.
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.