Volkswagen's joint venture with Shanghai Automotive has broken ground for a 300,000-unit plant in Changsha in the province of Hunan, south-central China.
Filed under: Europe, Government/Legal, Porsche The sequence of events from 2007 that began with Porsche's secret attempt to take over Volkswagen, and instead lead to Porsche being taken over by VW, continues to instigate lawsuits against the Stuttgart sports car manufacturer. A group of hedge funds that suffered over $1 billion in losses sued the car company in New York. Porsche had publicly stated it wasn't trying to buy VW, the hedge funds in question were shorting VW stock, and when Porsche's actual intentions were revealed, the stock shot up and the hedge funds took a beating. The case was thrown out over the issue of jurisdiction, then appealed, only to see another suit filed on top of that. After that, most of the hedge funds withdrew their claims in New York and Porsche offered a 90-day window to refile in Germany where it is already fighting a number of other suits over the same issue. The hedge funds accepted the offer, refiling in Stuttgart for $1.8 billion in damages. According to Bloomberg, Porsche hasn't commented on the refiling, but as the same plaintiffs are involved, it's safe to assume that the carmaker still feels the case is "unsubstantiated and without merit." It has fared alright so far even in German courts, with two lesser cases against it thrown out last year.Porsche again staring down another $1.8B in hedge fund lawsuits originally appeared on Autoblog on Wed, 15 May 2013 11:30:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments
Filed under: Etc. Strategic Vision has released its annual Total Quality awards, and some of the winners may come as a surprise. To quote Alexander Edwards, President of Strategic Vision, "For the first time in over a decade our comprehensive and complete study of Quality resulted in more domestic winners than imports." That's not to say import brands performed poorly. Volkswagen was voted the best overall corporation in Total Quality for the eighth-straight year, and Audi tied with Lexus for the best individual brand. Breaking things down on a model-by-model basis, here are some notable victories: Dodge Dart, Best Small Car Ford Fusion / Chevrolet Volt, Best Midsize Car Volkswagen CC, Best Large Car Hyundai Genesis / Audi A4, Best Near-Luxury Car Lexus LS, Best Luxury Car Chevrolet Corvette, Best Premium Coupe Chrysler Town & Country, Best Minivan Volkswagen Tiguan / Toyota FJ Cruiser, Best Entry Utility Chevrolet Traverse, Best Midsize Crossover Utility Dodge Durango, Best Midsize Traditional Utility Chevrolet Avalanche, Best Full-size Pickup Ford F-250 / F-350, Best Heavy Duty Pickup Scroll down below for the full list of winners, both import and domestic, in each and every category.Continue reading Domestics win majority of annual Total Quality awardsDomestics win majority of annual Total Quality awards originally appeared on Autoblog on Wed, 15 May 2013 09:13:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments
Filed under: Government/Legal, Safety, South America The Detroit Free Press reports the new generation of Brazil-built cars are to blame for the country's high death rate. Thanks to a booming middle class, Brazil is the fourth-largest vehicle market in the world, but four of the country's best-selling models have failed independent crash tests. Couple those machines with the country's notoriously dangerous roads and weather, and Brazil winds up with a traffic death rate nearly four times that of the US when weighted for the disparity in the size of both driving populations. Automakers, meanwhile, say their products meet or exceed Brazil's safety laws - starting next year, manufacturers will be required to install front airbags and anti-lock brakes. Activists, meanwhile, say those changes aren't enough to make a meaningful impact on the country's death toll. Independent testing found that four of the country's top-selling cars from brands like General Motors, Volkswagen and Fiat received a lowly one-star crash rating. Compounding the issue is the fact that manufacturers make more money on less safe, inexpensive Brazilian-made cars. The Detroit Free Press reports companies earn a 10-percent profit on vehicles built in Brazil compared to three percent from US-built models and an average of five percent from machines assembled elsewhere. Vehicles imported from other markets are more likely to have safety equipment that meets more stringent standards.Cars made in Brazil blamed for country's high death rate originally appeared on Autoblog on Wed, 15 May 2013 08:30:00 EST. Please see our terms for use of feeds.Permalink | Email this | Comments
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