Porsche auto news

Officially Official: Porsche CEO and CFO quit, leave the building

It was really just 35 words that announced the ends of two careers at Porsche: "In the last weeks Wiedeking and Härter have come to the conclusion, that the further strategic development of Porsche SE and Porsche AG is better off, if they are not on board as acting persons." And so, effective immediately, they aren't. The man who would be was king, Wendelin Wiedeking, and his majordomo CFO Holge Härter, have retired from Porsche with immediate effect.

The move was said to clear the way for Porsche to merge with VW and provide some relief for Porsche's balance sheet. After the same meeting that decided Wiedeking's fate, Porsche announced that it planned to increase its capital by €5 billion (about $7.1B U.S.). That's a big chunk of change, but it's only about a third of the company's debt load, and officials didn't say whether that figure would come from banks, Qatar, or some other investor. Wiedeking's position will be filled for now by supervisory board member and former head of production Michael Macht.

For severance, Wiedeking will get half of the package recently mentioned, a still-healthy sum of €50M ($71M U.S.). He has already pledged half of that money to a charity that will assist in job creation in Germany. Härter will receive €12.5M ($17.8M). Wiedeking, of course, hasn't said anything about where he might go from here, but at only 56 and with his story, we have a feeling we'll see him in the saddle again before long.

REPORT: Porsche readying Carrera 4-based super 911 for 2010 intro?

Porsche is hard at work at things other than trying to get into bed with Volkswagen. The mill of rumors is abuzz with word that Porsche is preparing a 911 Carrera Supersport (or Sport Classic in America perhaps), a throwback to the 1984 911 Carrera Supersport. The original Supersport was a regular 911 with some of the 911 Turbo model's cosmetic and performance enhancements, such as the Turbo tail, suspension, and brakes.

The one supposedly being readied for next year will take a current 2S model wearing the 4S widebody flanks, GT3-style front and rear bumpers, a double-bubble roof, and supposedly a ducktail spoiler reminiscent of the 2.7 RS. The engine will get Porsche's factory powerkit that boosts horsepower and top speed, the wheels will be up-to-date variations on the classic Fuchs units, and the interior will be rendered in brown leather. Price for the "very limited edition" model is expected to be in the neighborhood of £135K ($220k U.S.).

Autoblog Podcast #137

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Episode #137 of the Autoblog Podcast has arrived. Chris, Sam, and Dan are back, chewing the fat over the Acura ZDX, Death Valley spy shots of the Jaguar XJ, what will underpin Cadillac's new flagship model, Electric Lexus pricing, the ongoing Volkswagen/Porsche soap opera, and Honda's swearing off of V8s and RWD. Wrap it all up nice and tidy with some of your questions, and 82 minutes later, you're done. We apologize for the poor audio quality on Dan's track for some of this week's podcast. It only lasts through the end of the Autoblog Garage segment, and then we're back to full-fidelity. Getting a show out to you quickly was important to us, so we went with what we had. 23 minutes in is the magic point where the audio clears up. Let us know what you think, drop us a line at Podcast at Autoblog dot com. Thanks to all who have taken the time to fill out our survey; hit the jump to listen or subscribe to the Autoblog Podcast. If you like what we're doing, check out some of our sister blog podcasts like Engadget and Joystiq - you can never have enough listening material!

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Did you think the VW-Porsche deal was done? Nein.

When Volkswagen and Porsche sat down at dinner to discuss which one was going to eat the other one, they forgot to invite the German tax man. After VW came to terms with Porsche to take a 49.9% stake in the Stuttgart sports car maker for €8 billion (around $11.4 billion U.S.), the parties discovered there would be a €3 billion ($4.26B) tax bill on top of that.

Adding €3B just to conclude the deal, the way it's currently structured, makes it untenable for both parties. Qatar is still in the picture, but until it's decided who would pay the tax and what they would get in return, some sources are saying the whole thing could evaporate. And if that happened, that could force Porsche to turn to one of several unsavory chapters titled "BK" in the commercial code. Neither VW nor Porsche has yet commented on the tax issue. Thanks for the tip, John!

Porsche's Wiedeking tipped to get $140M golden parachute?

If the rumored deal for Volkswagen to consume Porsche is indeed accurate, then there are only two things left: the shouting, and the sound of Porsche CEO Wendelin Wiedeking departing his post in a Brinks truck filled with €100 million ($141M USD). German newspaper Bild am Sonntag reported "it is now no longer a question of if, but of how Wendelin Wiedeking will step aside, and that he will clear his desk voluntarily in the coming week."

Over his 16-year tenure at the top, Wiedeking has turned Porsche from an automaker offering one iconic car and a couple of others into the maker of one iconic car and several hugely profitable models. Still, his departure now comes after driving Porsche to the brink, and if €100M sounds like a lot of money to leave in humble circumstances, well, that's because it is.

Yet, if this report is to be believed, it's not an outrageous sum in the world of Wiedeking: his pay packet for 2007 was said to amount to €60M ($85M USD). No matter what he gets, and it will certainly be substantial, he will leave behind a company subsequently controlled by its mass market sibling. And although Porsche labor boss Uwe Heck said, "VW will never be able to buy the souls of Porsche employees," their time, their cars and their technology are another story.

Volkswagen reportedly comes to terms with Stuttgart leadership to absorb Porsche

In the midst of all the financial maneuverings, a personal drama has steadily unfolded as well. Porsche is controlled by the descendants of Ferdinand Porsche's children, Ferry Porsche and Louise Piëch. The leaders of the Porsche and Piëch branches of the family, Wolfgang Porsche and Ferdinand Piëch, have been at odds throughout this entire process. Piëch is chairman of VW's supervisory board, while cousin Wolfgang holds a similar position at the family business. As the sequence of events progressed, it appeared that Wolfgang Porsche was trying to oust his cousin, while Ferdinand Piëch was trying to eliminate Porsche CEO Wendelin Weideking.

It now appears that the two companies have reached an agreement that will allow Porsche SE pay off much of its €10 billion+ debt. If approved, Volkswagen would pay €8 billion for Porsche in two stages. The first would give VW 49.9%, with the rest coming at a later date.

Autoblog Podcast #136

Click above for the Autoblog Podcast in iTunes, RSS or listen now!

What better way to kick off the weekend than Episode #136 of the Autoblog Podcast? Okay, so it's a thin excuse for delivering this edition late, but here it is. Chris, Sam and Dan congregate and discuss a few issues, starting with the manual transmission issues afflicting some Chevrolet Camaros. Sticking with General Motors, we cover Bob Lutz's comments on the Z28, the CTS-V Coupe, and the possible transmogrification of the Pontiac G8 into the Chevrolet Caprice (not gonna happen). The GM talk wraps up with a mulling of the Porsche Panamera's showing on the Nurburgring, besting the CTS-V's time. After plenty of time on GM, we move across town to Ford and kick around the idea of a Fusion-based Taurus before leaving the country entirely and discussing Hyundai's Cash for Clunkers pre-emptive strike. Your questions and comments wrap it all up, and as usual, keep those rolling in to Podcast at Autoblog dot com, and hit the survey, if you haven't already. Thanks for listening!

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More evidence of Porsche Cayman Shooting Brake?

In order to put real cars in video games, game studios need to buy licenses from automobile manufacturers. Remember that Cayman shooting brake/breadvan mule recently spotted on the streets of Europe and supposed by many commenters to be a fake? It's been captured in Forza Motorsport 3.

While this doesn't mean we'll be seeing such a conveyance on the roads any time soon, or that it is in fact a Porsche product and not a tuner special, gamemakers Turn 10 would need to have spoken to Porsche (or whomever is responsible) about including a car that no one even know about a few weeks ago. If this is all real then, after the unlikely Panamera, could the next item on Porsche's list really be a mid-engined mini wagon? Hat tip to Mike.

Fun while it lasted: Porsche Panamera Turbo reportedly tops Cadillac CTS-V's 'Ring record

It's been just over a year since Cadillac captured the title of fastest production four-door car when John Heinricy circulated the Nürburgring's north loop with a CTS-V in under eight minutes. Considering the pace of leap-frogging between the Nissan GT-R, Corvette ZR1 and Viper ACR it's a bit surprising that it took this long for someone to top the super-Caddy. What's not surprising is that it was a Porsche that finally outran the CTS-V.

Now that the four-door Porsche Panamera has been thrust upon the world, it was only a matter of time before one the test drivers from Weissach brought the crown back to the fatherland. The 500-horsepower Panamera Turbo lapped the Nordschleife in 7 minutes, 56 seconds, 3 seconds faster than the Cadillac.

When Heinricy set his 7:59 time last year, it was done in an automatic CTS-V in a single hot lap at the end of a test session. With any luck, we'll see Heinricy or perhaps one of the Corvette C6.R drivers like Johnny O'Connell head back to the Eiffel mountains for another go.

Gallery: First Drive: 2010 Porsche Panamera

All Photos Copyright (C)2009 Michael Harley / Weblogs, Inc.

Delphi develops MagneRide engine mounts for Porsche 911 GT3

The same magneto rheological damping technology that allows Chevrolet, Cadillac and Ferrari to control 500-plus horsepower in a car that's comfortable to drive on city streets will soon make its way to the engine bay of the 2010 Porsche 911 GT3. In this latest application, Delphi's engineers have made it possible to fine-tune the way engine mounts react to the various situations presented when driving a car.

For instance, these MagneRide engine mounts can automatically adjust their stiffness when the engine is initially started or when the transmission is shifted into Drive or Park. In the case of the 911 GT3, Porsche expects these engine mounts to improve traction and stability during hard acceleration and cornering.

Future applications are likely to include luxury automobiles with stop/start or full hybrid powertrains, as well as performance cars whose engine mounts can be tied to the other various active systems, perhaps stiffening when a vehicle is put into a sport mode. Hit the jump for the official press release.

Gallery: Delphi Magneride Engine Mounts

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