Volkswagen faces a class action suit in Israel after a court ruled in favour of petitioners seeking compensation from the German carmaker over diesel emissions cheating. A Tel Aviv district court ruled that the class action suit will represent the car owners as well as the general public who were exposed to higher pollution levels, according to a court spokesperson and court documents. Volkswagen was found to have hidden excessive levels of toxic diesel emissions from its cars in 2015, a scandal that led to a management rout and a series of regulatory probes and lawsuits, many of which are taking years to settle.
FRANKFURT (Reuters) -Porsche AG Chief Executive Oliver Blume said there was no timeframe planned to re-evaluate his dual role as head of the newly independent sports car maker and the Volkswagen Group, describing it as a deliberate decision. Porsche AG shares were trading up 2.4% at 1007 GMT from their opening price of 84 euros, reaching a market capitalisation of 78.5 billion euros ($76.1 billion) - close to the 81 billion euro valuation of former parent Volkswagen.
Oliver Blume, the company’s chief executive, called the IPO a 'historic moment' as it looks to shift toward electric vehicles.