German prosecutors imposed a 535 million euro ($598 million) fine on Porsche AG, a unit of Volkswagen, as punishment for lapses in supervisory duties which made it possible for the company to cheat diesel emissions tests. Prosecutors in the southern city of Stuttgart stated that the company’s development department had neglected its legal duties, which […]
Porsche
Court rejects second investor group action against VW and Porsche
A German court on Wednesday stated it won’t permit a second investor group action against Volkswagen and Porsche, for allegedly failing to tell investors about the Diesel scandal in 2015. Investors have brought multiple cases against both automakers in the southern city of Stuttgart, arguing that the automakers should have issued adhoc-statements previously to inform […]
Porsche SE raises voting rights share in Volkswagen
Porsche SE, the holding company controlling Germany’s Volkswagen, on Tuesday stated it raised its voting rights share in the automaker to 53.1 percent from 52.2 percent. “We continue to believe that Volkswagen group has a significant potential to increase its value and that its current capital market valuation does not reflect this,” stated Porsche SE’s […]
Porsche is cooperating with state prosecutors into tax investigation issues
Volkswagen’s Porsche unit on Sunday stated it was working with state prosecutors to clear up investigations into alleged tax debts associated with early retirees and taxable advantages enjoyed by former top executives. A company spokesman stated the automaker had “already responded to possibly anticipated tax payments via safety surcharges and lump sum payments.” The Bild […]
Seinfeld sues car dealer over allegedly fake $1.54 million Porsche
American comedian and actor Jerry Seinfeld has filed a lawsuit against a classic car dealer accusing that it sold him a Porsche with a fake backstory that he was alleged of flipping to another collector under bogus pretexts. The “Comedians in Cars Getting Coffee” star bought the 1958 356 A 1500 GS/GT from European Collectibles […]
2020 Porsche 911 Looking Better Than Ever
Porsche is a brand associated with it’s sleek, compact yet powerful sports cars, but their models haven’t changed much in the in intervening years. That’s what makes the new 2020 911 so exciting — Porsche is finally biting the bullet and improving the 911s model, even though the fans seem to think it doesn’t need […]
Porsche tells officials of possible issue with emissions
Volkswagen’s Porsche unit stated on Thursday it told German officials of potential issues with its emissions data, after a report in Germany’s Der Spiegel that the figures for its 911 models of 2016 and 2017 were not accurate. “Porsche has identified issues in connection with individual roll-out tests,” Porsche stated. The particular case involves deviations […]
Porsche expects to repeat record auto sales this year
Volkswagen’s Porsche brand does not require a stock market listing to fund growth, Chief Executive Oliver Blume stated, adding he is sure the maker of the iconic 911 sportscar can repeat 2017’s record sales in 2018. Porsche sold 196,562 vehicles in the first nine months of the year, with Europe presenting a 9 percent increase […]
Volkswagen’s Porsche to stop offering diesel versions
Volkswagen’s Porsche is going to stop offering diesel versions of its vehicles, the unit stated on Sunday, refining its focus on hybrid and battery-powered vehicles instead. Volkswagen has confessed that they cheated on diesel emissions tests, sending shockwaves through the auto industries and resulting in a sector-wide crackdown on polluting diesel engines. “Porsche is not […]
Swiss officials ban some Mercedes, Porsche models due to emissions
Swiss officials have halted registrations of some recent Mercedes-Benz Vito and Porsche Macan and Cayenne vehicles that had diesel engines that disguised emissions levels, the Astra roads agency stated on Wednesday. The move will impact vehicles imported from August 17. Vehicles already registered in Switzerland may keep operating, but must be retrofitted, Astra stated. Mercedes […]
Porsche to recall 60,000 SUVs for emissions issues
Volkswagen’s Porsche has been asked by KBA automotive regulator in Germany to recall about 60,000 diesel-engined Macan and Cayenne sport-utility vehicles, a KBA spokesman stated. German magazine Der Spiegel reported the recall on Friday, saying the two models geared up with the latest Euro-6 diesel engine generation were fitted with more so-called defeat devices efficient […]
Porsche SE executives, board members are safe to travel to U.S.
Top managers and supervisory board members at Porsche SE, Volkswagen’s majority shareholder, can still travel to the United States with no risk or fear for prosecution, the company’s head of legal affairs stated. “Porsche SE is convinced that no board member can be alleged of offences, and that the members of the management and supervisory […]
Porsche’s head of powertrain development reportedly arrested
German police arrested the head of powertrain development, Joerg Kerner, at Volkswagen’s Porsche business and are holding him on remand as he is considered a flight risk, a person knowledgeable about the matter stated on Friday. The arrest of Kerner was associated with ongoing inquiries into emissions manipulation at Volkswagen, over two years after the […]
Porsche considers production hike for electric vehicles as diesel sputters
Sportscar maker Porsche AG might boost annual production capacity of its Mission E model beyond 20,000 vehicles and decide shortly about whether to electrify its Macan sports energy model, board member Detlev von Platen informed Reuters. The Stuttgart-based automaker, which is owned by Volkswagen Group, stated it expects to double its investment in hybrid and […]
Porsches, Corvettes, Mercedes crushed in Philippines
Bulldozers and backhoes pounded over two dozen seized luxury cars and trucks in the Philippines on Tuesday, consisting of Porsches, Mercedes, Jaguars and Corvettes, in a remarkable demolition presenting the no-nonsense leader’s crackdown on criminal offense and corruption. President Rodrigo Duterte observed as the pre-owned vehicles, some valued as high as $115,000, were reduced to […]
