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<ul><li><strong><keyword id="418743" type="PERSON" weightage="60" keywordseo="Michael-Burry">Michael Burry</keyword> owns a stake in <keyword id="6361865" type="ORGANIZATION" weightage="60" keywordseo="volkswagen">Volkswagen</keyword>'s largest shareholder, <keyword id="179750" type="COMPANY" weightage="60" keywordseo="Porsche-SE">Porsche SE</keyword>.</strong></li><li><strong>"<keyword id="143512" type="COMPANY" weightage="60" keywordseo="The-Big-Short">The Big Short</keyword>" investor is betting Volkswagen can beat <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> in electric vehicles.</strong></li><li><strong>Burry said in December that he was short <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword>'s car company.</strong></li><li><strong><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit the Business section of Insider for more stories</a>.</strong></strong></li></ul><p>Michael Burry holds a stake in Volkswagen's biggest shareholder, he said Wednesday in a later-deleted tweet.</p><p>"I don't own a Porsche, but I own the Porsche that owns VW that owns Porsche," the investor said. He was referring to Porsche SE, the German holding company that owns 31.3% of Volkswagen, which itself owns Porsche AG, Audi, and other car brands.</p><p>Porsche SE and Burry's <keyword id="9272335" type="UNKNOWN" weightage="60" keywordseo="scion-asset-management">Scion Asset Management</keyword> didn't immediately respond to requests for comment from Insider.</p><p>Burry is best known for his billion-dollar bet against the US housing bubble in the mid-2000s. His lucrative wager was immortalized in Michael Lewis' book "The Big Short," and he was played by Christian Bale in the movie adaptation.</p><p>The Scion chief's indirect bet on Volkswagen is notable because the German auto group is taking on Tesla in the electric-vehicle market, and Burry was <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-big-short-michael-burry-elon-musk-share-issuance-2020-12-1029859345">short Tesla</a> as of December.</p><p>He <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-predicts-tesla-stock-price-housing-bubble-2021-1-1029943006">predicted in January</a> that shares in Elon Musk's electric-vehicle company - which have skyrocketed by more than 600% in 2020 - would suffer a massive collapse. "Enjoy it while it lasts," he said.</p><p>Burry disclosed his Porsche SE position after trumpeting Volkswagen in several tweets.</p><p>"Investors, partly due to the #ESGFog, underestimate the size, scale, brands, staying power, and resources of Volkswagen," he said. The investor linked to a <a href="https://www.bloomberg.com/news/articles/2021-03-03/vw-s-electric-car-stacks-up-well-against-tesla-in-ubs-teardown">Bloomberg story</a> about a UBS analysis that found Volkswagen's ID.3 electric car stacked up well against Tesla's models.</p><p>"Ever wonder who owns Bentley, Bugatti, Lamborghini, Porsche, Ducati, etc? VW," Burry said in another tweet. "Although, Porsche owns VW too. Interested why VW and Porsche do not trade in the US? Because what US investors think is not too important to VW or Porsche."</p><p>Burry's championing of Volkswagen and his stake in its largest shareholder, coupled with his criticism of Tesla and short position, strongly suggest he's expecting the German automaker to trounce Musk's upstart rival.</p>

'Big Short' investor Michael Burry is betting Volkswagen will beat Tesla in electric vehicles

<ul class="summary-list"><li>There are more electric options on the market than ever before. </li><li>The nearly 20 EVs you can buy new today range in price from under $30,000 to well over $100,000. </li><li>Some have a range of under 200 miles, while others can travel more than 400 miles between fill-ups. </li></ul><p>There's never been a better time to shop for an electric vehicle.</p><p>Right now there are 19 new battery-powered models for sale in the US - and they run the gamut in terms of price, range, performance, size, and features. Plus, a <a href="https://www.businessinsider.com/biden-infrastructure-spending-plan-tax-hikes-compromise-democrats-goldman-sachs-2021-4">sweeping infrastructure plan</a> from Joe Biden may soon make buying and owning an EV <a href="https://www.businessinsider.com/best-cheap-affordable-evs-electric-vehicles-tesla-nissan-ford-mustang-2021-2">cheaper</a> and easier than ever thanks to investments in consumer rebates and charging stations.</p><p>EVs currently for sale include high-dollar luxury sedans like the Porsche Taycan and Tesla Model S, economical hatchbacks like the Mini Cooper SE and <a href="https://www.businessinsider.com/chevrolet-bolt-ev-euv-crossover-affordable-evs-electric-vehicles-2021-2">Chevrolet Bolt</a>, and plenty in between. Drivers looking to make the switch from fossil fuels to zero emissions can consult this guide to learn a bit about the various EVs on the market, how much they cost, and what they can get for their budget. </p><p>Dozens more EVs are on the way, and this guide does not include vehicles that are still in the preorder phase, like the <a href="https://www.businessinsider.com/gmc-hummer-ev-suv-cost-release-range-2021-4">GMC Hummer EV</a>, <a href="https://www.businessinsider.com/what-is-rivian-ev-startup-amazon-backed-tesla-challenger-2021-2">Rivian R1S</a>, and <a href="https://www.businessinsider.com/audi-e-tron-gt-electric-sedan-performance-horsepower-specs-2021-2">Audi E-Tron GT</a>. </p><h2><strong>Audi E-Tron - $65,900</strong></h2><div type="image" title="Audi E-Tron." height="1667" width="2500" msid="82130598" hostid="261"></div><p>The Audi E-Tron starts at around $66,000 and stretches up to just over $79,000 for the top trim. It's powered by two electric motors - one on each axle - that put out 355 horsepower and 414 lb-ft of torque. </p><p>Things get a little less exciting as far as range is concerned. The crossover gets a range rating of 222 miles, which isn't all that much for such a high-end vehicle. </p><h2><strong>Audi E-Tron Sportback - $69,100</strong></h2><p><strong><div type="image" title="Audi E-Tron Sportback." height="1000" width="1500" msid="82130605" hostid="261"></div></strong></p><p>The E-Tron has a sibling called the E-Tron Sportback. It comes with a roof that slopes down in the back at the expense of some trunk space. </p><p>It gets a range rating of 218 miles, slightly less than the standard E-Tron. Both crossovers benefit from a sport mode that can temporarily boost output to 402 horsepower, Audi says. They'll be joined by the cheaper and more compact <a href="https://www.businessinsider.com/2022-audi-q4-e-tron-ev-crossover-price-specs-features-2021-4">Q4 E-Tron and Q4 E-Tron Sportback</a> toward the end of 2021. </p><h2><strong>BMW i3 - $44,450</strong></h2><p><strong><div type="image" title="2013 BMW i3.1" height="1664" width="2500" msid="82130607" hostid="261"></div></strong></p><p>The BMW i3 starts at $44,450 for an all-electric hatchback with 153 miles of range. There's also a $47,650 version with a range-extending gas engine that brings the total range to 200 miles. The quirky car is BMW's only EV in the US, but that's about to change with the launch of the i4 sedan and iX SUV. </p><h2><strong>Chevrolet Bolt EV - $36,500</strong></h2><p><strong><div type="image" title="2020 Chevrolet BoltEV 002" height="1166" width="1555" msid="82130609" hostid="261"></div></strong></p><p>The 2021 Chevy Bolt offers up a respectable 259 miles of range for a starting price of $36,500. But it's worth waiting for the <a href="https://www.businessinsider.com/chevrolet-bolt-ev-euv-crossover-affordable-evs-electric-vehicles-2021-2">2022 model</a>, which can go just as far for nearly $5,000 less. The latest generation will also have a sleeker design and a crossover cousin. </p><h2><strong>Ford Mustang Mach-E - $42,895</strong></h2><p><strong><div type="image" title="All Electric Mustang Mach E" height="2592" width="3456" msid="82130612" hostid="261"></div></strong></p><p>Ford raised some eyebrows when it decided to lend its first EV the storied Mustang moniker. But the crossover has received <a href="https://www.businessinsider.com/ford-mustang-mach-e-named-best-suv-2020-2021-1">heaps of praise</a> since deliveries began in early 2021. </p><p>The <a href="https://www.businessinsider.com/review-ford-mustang-mach-e-electric-vehicle-2020-12">Mach-E</a> starts at $42,895 for the base model, which has an EPA-estimated range of 230 miles. Buyers can choose from several other trim levels, too, including a GT Performance model with 634 lb-ft of torque. </p><h2><strong>Hyundai Kona Electric - $37,390</strong></h2><p><strong><div type="image" title="2022 Hyundai Kona Electric." height="1667" width="2500" msid="82130615" hostid="261"></div></strong></p><p>Sharing a platform with the Kia Niro EV, the Kona Electric comes equipped with a 201-horsepower motor and a healthy 258-mile range. Hyundai revamped the model for 2022, giving it a sleeker design but no changes under the hood. It hasn't said how much the updated version will cost. </p><h2><strong>Hyundai Ioniq Electric - $33,245</strong></h2><p><strong><div type="image" title="2021 Hyundai Ioniq Electric." height="1667" width="2500" msid="82130617" hostid="261"></div></strong></p><p>With a starting MSRP of $33,245, the 2021 Hyundai Ioniq Electric isn't exactly cheap. But it's still one of the least expensive EVs on the market.</p><p>The sedan comes in two trims - a $33,000 SE version and a $39,000 Limited model - both of which earn an EPA-rated range of 170 miles. The Ioniq also comes in hybrid and plug-in hybrid variants. </p><h2><strong>Jaguar I-Pace - $69,850</strong></h2><p><strong><div type="image" title="Jaguar I-Pace." height="1422" width="1896" msid="82130619" hostid="261"></div></strong></p><p>When it came to bringing an electric car to the US market, Jaguar beat bigger and more popular luxury brands like Mercedes and Audi to the punch. On sale since 2018, the all-wheel-drive I-Pace crossover puts out 394 horsepower and a hefty 512 lb-ft of torque, according to Jaguar. Its 90-kWh battery is good for a range of 234 miles, according to the EPA. </p><h2><strong>Kia Niro EV - $39,090</strong></h2><p><strong><div type="image" title="2020 Kia Niro EV." height="900" width="1350" msid="82130620" hostid="261"></div></strong></p><p>The Kia Niro EV launched in 2019 as an electric version of the gas-powered model of the same name. The compact crossover gets an EPA-estimated range of 239 miles and comes in two trims starting at $39,090 and $45,560. </p><h2><strong>Mini Cooper SE - $29,900</strong></h2><p><strong><div type="image" title="Mini Cooper SE." height="1667" width="2500" msid="82130623" hostid="261"></div></strong></p><p>Surprising as it may be given that Mini is owned by BMW, the Mini Cooper SE is the cheapest electric car currently for sale in the US.</p><p>But that low MSRP means the electric Mini gets an EPA-estimated range of only 110 miles, far less than some of its pricier rivals. However, like its gas-powered siblings, the Mini Cooper SE is meant to be more of a city car than one for long highway journeys. </p><p><em><strong>Read more:</strong><a href="https://www.businessinsider.com/experian-credit-expert-2021-post-pandemic-sales-boom-for-automakers-2021-4">US buyers have exceptionally good credit scores right now - and they're using them to spend more than ever on everyday cars</a></em></p><h2><strong>Nissan Leaf - $31,670</strong></h2><p><strong><div type="image" title="2021 Nissan Leaf." height="1548" width="2500" msid="82130626" hostid="261"></div></strong></p><p>Launched in 2010, the <a href="https://www.businessinsider.com/nissan-leaf-plus-review-2019-business-insider-car-of-the-year-runner-up-2019-11">Nissan Leaf</a> is among the longest-running <keyword id="6358835" type="UNKNOWN" weightage="60" keywordseo="Electric-cars">electric cars</keyword> on the market today. The roughly $31,700 base model gets you an EPA-estimated 149 miles of range, while the $38,270 S Plus trim delivers 226 miles on a charge.</p><p>It was never the sleekest car on the block, but a 2017 refresh brought the Leaf's styling up to date. </p><h2><strong>Polestar 2 - $59,900</strong></h2><p><strong><div type="image" title="2021 Polestar 2_KL_1" height="1667" width="2500" msid="82130628" hostid="261"></div></strong></p><p>Polestar may not be a household name just yet, but the luxury offshoot of Volvo and its Chinese parent, Geely, is making some of the best electrified cars on the market. Its debut EV, the <a href="https://www.businessinsider.com/polestar-2-review-price-ev-volvo-tesla-specs-horsepower-electric-2020-8">Polestar 2</a>, wasn't just Insider's favorite electric car of 2020, it was our favorite car, period. </p><p>The sleek $60,000 sedan has a range of 233 miles, according to the EPA. Plus, the car has lots going for it on the sustainability front aside from running on electrons rather than fossil fuels. Its seats, interior plastics, and carpets are made from recycled plastic bottles, discarded cork, and recycled fishing nets. </p><h2><strong>Porsche Taycan - $79,900</strong></h2><p><strong><div type="image" title="2021 Porsche Taycan._KL28" height="1667" width="2500" msid="82130630" hostid="261"></div></strong></p><p>Porsche dove into the EV market guns blazing in 2019 with its first-ever EV, the <a href="https://www.businessinsider.com/porsche-taycan-4s-review-0-60-price-range-ev-electric-2020-11">Taycan</a>. The four-seat sedan currently comes in four versions, all of which offer outrageous specs. </p><p>The 402-horsepower base model - the only Taycan sedan with a single motor instead of a pair - costs around $80,000. Just under $104,000 gets you the Taycan 4s version with 227 miles of EPA-estimated driving range and 522 horsepower. Roughly $151,000 buys you the Turbo model with a 212-mile range and 670 horsepower. And the top of the line Turbo S version delivers 750 horsepower and a 0-60-mph time of 2.6 seconds - all for $185,000. </p><h2><strong>Tesla Model 3 - $38,490</strong></h2><p><strong><div type="image" title="Tesla Model 3." height="1323" width="1764" msid="82130632" hostid="261"></div></strong></p><p>The Model 3 may be Tesla's entry-level sedan - costing less than half the price of some of its higher-end offerings - but that doesn't mean it skimps on quality. Around $38,500 buys you the base model, which can travel 263 miles on a charge. </p><p>Buyers can shell out an extra $9,000 for a "Long-Range" model with an EPA-rated 353 miles of range. A $57,000 sport model blasts to 60 mph in 3.1 seconds, according to Tesla. </p><p><em><strong>Read more: </strong><a href="https://www.businessinsider.com/tesla-cost-breakdown-buying-guide-2021-3">How much does a Tesla cost? Breaking down the Model S, 3, X, and Y</a></em></p><h2><strong>Tesla Model S - $79,990</strong></h2><p><strong><div type="image" title="Tesla Model S." height="1838" width="2450" msid="82130633" hostid="261"></div></strong></p><p>Tesla's second production vehicle and its longest-running model, the Model S has set the standard for EVs for nearly a decade. It proved that electric cars could be cool, and, arguably, kicked off the EV revolution that's now in full swing. </p><p>A Model S will run you $80,000 to start, and two high-performance models are on offer for $120,000 and $150,000. </p><h2><strong>Tesla Model X - $89,990</strong></h2><p><strong><div type="image" title="Tesla Model X." height="775" width="1333" msid="82130635" hostid="261"></div></strong></p><p>The Model X is Tesla's second-oldest offering behind the Model S. It comes with gull-wing doors, a dual-motor setup, and a 350-mile range, but it doesn't come particularly cheap. A base Model X starts at around $90,000, and the high-performance "Plaid" version commands roughly $120,000. </p><h2><strong>Tesla Model Y - $50,490</strong></h2><p><strong><div type="image" title="Tesla Model Y." height="975" width="1787" msid="82130637" hostid="261"></div></strong></p><p>The Model Y is Tesla's newest model, going on sale in early 2020, and it's already proved to be a hit. The crossover shares a lot with the Model 3, but it rides a bit higher and has some extra interior space. It starts at $50,490 for a "Long Range" model with 326 miles of range, but there's also an off-menu "Standard Range" version that's cheaper still. </p><h2><strong>Volkswagen ID.4 - $39,995</strong></h2><p><strong><div type="image" title="2021 Volkswagen ID.4." height="1000" width="1500" msid="82130639" hostid="261"></div></strong></p><p>The Volkswagen Group is launching an all-out electric offensive in coming years, and the <a href="https://www.businessinsider.com/volkswagen-id4-price-specs-electric-tesla-model-y-us-competitor-2020-9">ID.4 crossover</a> is its namesake brand's debut EV for the US market. It pairs a friendly starting price of $39,995 with a respectable 250-mile range. Deliveries began in March. </p><h2><strong>Volvo XC-40 Recharge - $53,990</strong></h2><p><strong><div type="image" title="2021 Volvo XC40 Recharge." height="1667" width="2500" msid="82130642" hostid="261"></div></strong></p><p>For its very first battery-powered vehicle, Volvo decided to electrify its popular compact crossover, the XC40. The XC40 Recharge gets an EPA-estimated range of 208 miles and a peppy 402-horsepower motor that can send it to 60 mph in under five seconds, Volvo says. </p><p>The Swedish brand plans to <a href="https://www.businessinsider.com/volvo-sell-only-electric-cars-2030-online-sales-2021-3">go fully electric by 2030</a>. </p>

The 19 electric vehicles you can buy new right now, from Mini's $30,000 hatchback to Porsche's $185,000 super sedan

<p><div class="KonaFilter image-container"><div class="image"><p class="source"><span>Reuters/Tobias Schwarz</span></p></div><p></p></div>FRANKFURT (Reuters) - Investors including U.S. hedge fund Elliott Associates have escalated a legal battle against members of Porsche's supervisory board by seeking 1.8 billion euros ($2.43 billion) in damages from Wolfgang Porsche and his cousin Ferdinand Piech.</p>
<p>The most recent lawsuit forms part of a legal campaign being waged by hedge funds in various courts across the world, seeking to recoup money which was lost by betting on a decline of Volkswagen's share price in 2008.</p>
<p>On Sunday, Porsche dismissed the most recent lawsuit, which was lodged at a Frankfurt regional court, as "unfounded". Ferdinand Piech and Wolfgang Porsche were not immediately available for comment.</p>
<p>A spokesman for Elliott Associates declined to comment.</p>
<p>"Porsche SE and its supervisory board members will defend themselves with all available legal means," Porsche said on Sunday, adding that the lawsuit in Frankfurt was no different to a separate lawsuit already pending in Hanover.</p>
<p>The funds have accused Porsche of engineering a "massive short squeeze" in October 2008 by quietly buying nearly all freely traded ordinary VW shares in a bid to take over the company, despite publicly stating it had no plans to do so.</p>
<p>Porsche's attempt to buy up much-larger rival VW ultimately failed, but hedge funds are still suing the Stuttgart-based company and its managers for alleged market manipulation. Porsche says the allegations are unfounded.</p>
<p>Piech and Porsche are both members of the clan which owns Porsche SE, and hedge funds argue that as supervisory board members, they were informed about moves to buy up a VW stake.</p>
<p>Piech was chief executive of VW before becoming chairman of its supervisory board.</p>
<p>In March 2008, Porsche SE dismissed as "speculation" talk that it intended to take over VW. Seven months later Porsche SE revealed it held 42.6 percent of VW's common shares as well as controlling another 31.5 percent via financial instruments.</p>
<p>When Porsche revealed it had amassed control of roughly three-quarters of the shares in Volkswagen Group, shares in the Wolfsburg-based carmaker soared to 1,005 euros, briefly making it the world's biggest company by market value.</p>
<p>Hedge funds which had bet on a decline in the VW stock price made massive losses, prompting them to sue in various courts.</p>
<p>In December 2012, a New York judge dismissed a case brought by hedge funds including Glenhill Capital LP, David Einhorn's Greenlight Capital LP and Chase Coleman's Tiger Global LP, arguing the state was the wrong place to bring such a lawsuit, saying instead that the case was more appropriate for Germany.</p>
<p>Hedge funds have since pressed their case against Porsche's management and supervisory board in courts in Stuttgart, Braunschweig, Hanover and now in Frankfurt.</p>
<p>Porsche SE's attempts to buy VW backfired and pushed it to near-bankruptcy. Instead of buying VW, the company ended up selling its sports car business, Porsche AG, to VW.</p>
<p>German weekly magazine Der Spiegel was first to report that hedge funds are seeking damages from Ferdinand Piech and Wolfgang Porsche.</p>
<p>(Reporting by Edward Taylor Ilona Wissenbach and Jan Schwartz; Editing by Catherine Evans)</p>

Hedge Funds Seek $1.8 Billion Damages From Members Of Porsche's Owning Family

<ul class="summary-list"><li>About a dozen protestors reportedly created chaos at Volkswagen Groups annual meeting on Wednesday.</li><li>One protestor threw what appeared to be a cake at a board member's head.</li></ul><p>About a dozen activists staged a protest at Volkswagen's annual meeting on Wednesday.</p><p>During the event in Berlin, Germany, one protestor threw what appeared to be a cake. <a href="https://apnews.com/article/germany-volkswagen-protest-xinjiang-china-human-rights-e89a2d11bc7c30dc64ab01bceba96af9">The Associated Press reported</a> that the pastry was thrown in the direction of Wolfgang Porsche, the chairman of Volkswagen Group's majority shareholder, Porsche SE.</p><p>The company omitted the disruption from the protestors in the <a href="https://www.youtube.com/watch?v=F3aqTlx2GS4" target="_blank" rel="noopener">recording of the event</a> it posted on YouTube.</p><p>But recordings of the moment, uploaded to YouTube from news outlets <a href="https://www.youtube.com/watch?v=ZswrkFG8sBc" target="_blank" rel="noopener">including The Guardian</a>, show VW Group chairman Hans Dieter Poetsch dodging remnants of the pastry that flew in his direction.</p><p><a href="https://giphy.com/gifs/5Sn8BgGXMF9dj1ZjIh">via GIPHY</a></p><p>At one point in the meeting, a topless protestor who had written "Dirty Money" on their back interrupted a speech by VW Group boss Oliver Blume and was escorted out of the event by security, AP reported.</p><div type="image" title="Volkswagen's annual meeting descended into chaos on Wednesday." height="1447" width="1930" msid="100169651" hostid="261"></div><p>The publication reported that several protestors had signs saying "End Uyghur Forced Labour" and that the activists were accusing the company of ignoring human rights violations against Uyghur Muslims in China's Xinjiang region where <a href="https://www.reuters.com/business/autos-transportation/volkswagen-china-chief-visits-xinjiang-plant-sees-no-sign-forced-labour-2023-02-28/">VW has a facility.</a></p><p>A <a href="https://twitter.com/Reuters/status/1656285458593370119?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1656285458593370119%7Ctwgr%5E0641f46f93f762dc19f9b1ed668bad404aa407ec%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.teslarati.com%2Fvw-investor-meeting-chaos%2F">Reuters video</a> from the event shows the protestors being led out of the meeting by security.</p><p>The carmaker has denied the allegations in the past and <a href="https://www.volkswagenag.com/presence/investorrelation/publications/corporate-governance/esg-controversies/2023.03.08_Statement%20on%20plant%20visit%20by%20Ralf%20Brandst%C3%A4tter.pdf">provided a statement</a> on its work with the Chinese manufacturer SAIC Motor earlier this year.</p><p>"SAIC also has a code of conduct and there is full agreement that we do not tolerate human rights violations," Volkswagen board member Ralf Brandstätter said in a statement from March, regarding VW's facility with SAIC Motor in the Xinjiang province of China.</p><p>Local police also intercepted climate change protestors who had positioned themselves outside of the event and had blocked off traffic, <a href="https://www.bloomberg.com/news/articles/2023-05-10/volkswagen-ceo-says-partners-are-key-to-china-software-issues#xj4y7vzkg?leadSource=uverify%20wall">Bloomberg reported</a>. The activists <a href="https://twitter.com/SciReb_Germany/status/1656203561708003328?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1656203561708003328%7Ctwgr%5E95960f7af5a64fefbbd7b9bc6c754bfd93e4ffe4%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.euronews.com%2Fgreen%2F2023%2F05%2F11%2Fin-pictures-topless-protester-and-cake-throwing-disrupt-volkswagens-annual-meeting" target="_blank" rel="noopener">said on Twitter</a> that they are calling for VW to decrease its carbon emissions.</p><p>A spokesperson for Volkswagen Group did not respond to a request for comment from Insider ahead of publication, but told Bloomberg VW is "open to critical dialog and regularly invites stakeholder groups and environmental protection organizations." </p>

A protestor threw a cake-like pastry at a board member's head during a Volkswagen meeting that descended into chaos

<p><strong></strong></p><ul><li><strong><keyword id="418743" type="PERSON" weightage="60" keywordseo="Michael-Burry">Michael Burry</keyword>'s <keyword id="6354616" type="UNKNOWN" weightage="60" keywordseo="Twitter">Twitter</keyword> habit led to a visit from federal regulators.</strong></li><li><strong>"<keyword id="143512" type="COMPANY" weightage="60" keywordseo="The-Big-Short">The Big Short</keyword>" investor has blasted <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword>, bitcoin, Robinhood, and meme-stock buyers.</strong></li><li><strong>Burry indicated that he's not planning to tweet anymore.</strong></li><li><strong><a href="https://www.businessinsider.com/?hprecirc-bullet">See more stories on Insider's business page</a>.</strong></li></ul><p>Michael Burry's incendiary tweets have piqued the interest of federal regulators, the investor revealed this week.</p><p>"Tweeting and getting in the news lately apparently has caused the <keyword id="6362470" type="ORGANIZATION" weightage="60" keywordseo="sec">SEC</keyword> to pay us a visit," the <keyword id="9272335" type="UNKNOWN" weightage="60" keywordseo="scion-asset-management">Scion Asset Management</keyword> boss said in a now-deleted tweet.</p><p>"Lovely," he continued, adding the hashtag "#nomoretweets." He also linked to the song "Lovely" by Suicidal Tendencies, a hardcore punk band, and changed the header image on his Twitter profile to a pile of bricks.</p><p>Burry shot to fame after his billion-dollar bet against the US housing bubble in the mid-2000s was spotlighted in the book and the movie "The Big Short." His Scion fund owned $225 million of US stocks at the <a href="https://www.sec.gov/cgi-bin/browse-edgar?company=scion+asset+management&amp;match=&amp;filenum=&amp;State=&amp;Country=&amp;SIC=&amp;myowner=exclude&amp;action=getcompanyxclude&amp;action=getcompany">end of 2020</a>, including roughly $30 million of bullish call options on both Pfizer and Citigroup, and $20 million in Kraft Heinz calls.</p><p>The investor has used Twitter to <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-warns-stock-market-huge-risk-crashing-2021-2-1030106969">warn</a> of speculative bubbles in <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> and predict a <a href="https://markets.businessinsider.com/currencies/news/big-short-michael-burry-says-bitcoin-speculative-bubble-crash-coming-2021-3-1030134627">devastating crash</a>. He's also <a href="https://markets.businessinsider.com/currencies/news/big-short-michael-burry-tweets-tesla-robinhood-bitcoin-gamestop-bubble-2021-3-1030156694">tweeted criticism</a> of <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-predicts-tesla-stock-price-housing-bubble-2021-1-1029943006">Tesla</a> - which he's <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-big-short-michael-burry-elon-musk-share-issuance-2020-12-1029859345?utm_source=markets&amp;utm_medium=ingestgest">short</a> - as well as <a href="https://markets.businessinsider.com/currencies/news/big-short-michael-burry-says-bitcoin-speculative-bubble-crash-coming-2021-3-1030134627?utm_source=markets&amp;utm_medium=ingestgest">bitcoin</a>, <a href="https://markets.businessinsider.com/currencies/news/big-short-investor-michael-burry-questions-tesla-bitcoin-dogecoin-bubble-2021-2-1030059706">Dogecoin</a>, <a href="https://markets.businessinsider.com/news/stocks/big-short-investor-michael-burry-robinhood-trading-apps-dangerous-casino-2021-2-1030060706?utm_source=markets&amp;utm_medium=ingestgest">Robinhood</a>, and the <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-gamestop-stock-price-rally-insane-dangerous-2021-1-1030006593?utm_source=markets&amp;utm_medium=ingestgest">GameStop buying frenzy</a> this year. On the other hand, he recently <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-bets-volkswagen-beat-tesla-elon-musk-2021-3-1030149596">praised Volkswagen</a> and said he owned a stake in the automaker's largest shareholder, Porsche SE.</p><p>Burry <a href="https://markets.businessinsider.com/currencies/news/big-short-michael-burry-stops-tweeting-bubble-warnings-bitcoin-memes-2021-3-1030155185">signaled</a> he was taking a break from Twitter earlier this month, telling his followers he had made his views clear. His latest tweet suggests he's not planning a return anytime soon.</p><p>It's unclear which of Burry's tweets attracted regulatory attention. The SEC declined to comment. Scion didn't immediately respond to a request for comment from Insider.</p>

'Big Short' investor Michael Burry says he'll stop tweeting after SEC regulators paid him a visit

<ul class="summary-list"><li><keyword id="6358963" type="DEFINITION" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword>'s <keyword id="6362665" type="ORGANIZATION" weightage="60" keywordseo="berkshire-hathaway">Berkshire Hathaway</keyword> is facing a legal clash with <keyword id="6361865" type="ORGANIZATION" weightage="60" keywordseo="volkswagen">Volkswagen</keyword>.</li><li>The German carmaker settled with other insurers over <keyword id="3076065" type="PERSON" weightage="60" keywordseo="dieselgate">Dieselgate</keyword>, but Berkshire rejected the deal.</li><li>Volkswagen is now preparing to take legal action against Berkshire to force it to pay up.</li></ul><p>Warren Buffett's Berkshire Hathaway is facing a legal battle with Volkswagen after rejecting a settlement deal with the German auto giant related to its <keyword id="3067239" type="PERSON" weightage="60" keywordseo="emissions-scandal">emissions scandal</keyword>.</p><p>Volkswagen took out a "first excess liability <keyword id="35450" type="COMPANY" weightage="60" keywordseo="insurance">insurance</keyword> policy" with Berkshire's international-insurance unit in January, the automaker revealed in an <a href="https://www.volkswagenag.com/presence/investorrelation/publications/shareholder-meetings/2021/Further_information_Agenda_Item_10_11_EN.pdf">investor document last week</a>. That policy puts Buffett's company on the hook for up to 50 million euros ($59 million) if a claim exceeds Volkswagen's 25 million euros' worth of coverage from its primary insurer, Zurich.</p><p>The German automaker had been locked in talks with insurers for years over how much they owed it under various insurance policies following its emissions fiasco. It has now reached a settlement with insurers including AIG and Allianz that will see them pay a total of 270 million euros to Volkswagen, minus payments they've already made or scheduled. However, Berkshire refused to sign the agreement.</p><p>Volkswagen intends to enforce Berkshire's insurance obligation "including in court if necessary," and its supervisory board has "instructed that preparations be made for legal action against Berkshire Hathaway," the investor document shows.</p><p>The automaker added that it won't be bound by the settlement amount and other terms it offered Buffett's company while negotiating the settlement. That suggests it could seek more money from Berkshire than it initially requested.</p><p>Volkswagen declined a request for comment from Insider, while Berkshire didn't immediately respond to a request for comment from Insider.</p><p>Volkswagen has faced billions of dollars' worth of legal claims and fines since it admitted to installing "defeat devices" in millions of its diesel-powered cars between 2009 and 2015. The secret software enabled the cars to cheat vehicle-emission tests and skirt environmental regulations - a scandal dubbed "Dieselgate."</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/stock-picks-buy-jim-osman-upside-edge-group-inflation-protection-2021-7" target="_blank" rel="noopener">200-plus money managers pay thousands to see which stocks are on Jim Osman's buy list. Here are 3 stocks he says are set to soar 'at least 50%' despite the fully valued market environment</a></em></p><p>In addition to its insurers, Volkswagen has reached Dieselgate-related settlements with its former chairman, Martin Winterkorn, and an Audi board member, Rupert Stadler. Winterkorn and Stadler will pay 11.2 million euros and 4.1 million euros respectively, partly by waiving their claims to bonuses.</p><p>Volkswagen might be clashing with Buffett, but it counts <a href="https://markets.businessinsider.com/news/stocks/big-short-michael-burry-bets-volkswagen-beat-tesla-elon-musk-2021-3">another famous value investor</a> among its fans: <keyword id="418743" type="PERSON" weightage="60" keywordseo="Michael-Burry">Michael Burry</keyword> of "<keyword id="143512" type="COMPANY" weightage="60" keywordseo="The-Big-Short">The Big Short</keyword>." The Scion Asset Management boss disclosed in March that he holds a stake in Porsche SE, the German holding company that owns about 31% of Volkswagen.</p><p>"Investors, partly due to the #ESGFog, underestimate the size, scale, brands, staying power, and resources of Volkswagen," Burry tweeted at the time.</p>

Warren Buffett's Berkshire Hathaway faces a court battle with Volkswagen after rejecting its Dieselgate settlement deal

<ul class="summary-list"><li>The 2022 Ioniq 5 is Hyundai's latest and greatest electric SUV. </li><li>We were floored by the $56,000 version we tested's sci-fi looks, quick charging, and comfy cabin. </li></ul><p>At auto shows and, more recently, through virtual events, car companies regularly trot out imaginative, forward-thinking vehicles that rarely amount to anything more than a design exercise. </p><p>Typically, these outlandish, one-off concept cars generate some buzz, the automotive press wonders whether anything this cool will ever actually roll out of a factory, and if something does get built, it seldom lives up to the excitement of the original design.</p><div type="image" title="The 2022 Hyundai Ioniq 5." height="1464" width="2603" msid="90714594" hostid="261"></div><p>So it came as a delightful surprise when Hyundai's new electric SUV, the 2022 Ioniq 5, debuted with all the exaggerated, daring styling of a <a href="https://www.hyundai.com/worldwide/en/brand/45">futuristic concept car</a> from a few years earlier.</p><p>The Ioniq 5 that went on sale late last year features bold, origami-like creases piercing its sides, "pixelated" headlights and taillights comprised of little squares, and an overall look that, in the best way possible, feels like it rolled straight out of a 1980s sci-fi flick. </p><p>However, it brings a lot more to the party than just good looks. The SUV also offers living-room comfort, loads of safety <keyword id="6358815" type="UNKNOWN" weightage="60" keywordseo="tech" source="Orion">tech</keyword>, and experimental features you won't find anywhere else.</p><div type="image" title="The 2022 Hyundai Ioniq 5." height="2021" width="2695" msid="90714595" hostid="261"></div><p>A few days behind the wheel earlier this month proved that the SUV is all it's cracked up to be and then some. If you're in the market for an electric vehicle, this one deserves a spot near the top of your list. </p><h2><strong>A first for Hyundai</strong></h2><p>Hyundai has made <keyword id="6358835" type="UNKNOWN" weightage="60" keywordseo="electric-cars" source="Orion">electric cars</keyword> before, but none quite like the Ioniq 5. It sells the Kona Electric, but that's a gas SUV that the company reworked to run on battery power. The Ioniq 5 is the Korean brand's first model built from the ground up to be an EV. Moving forward, Ioniq will serve as Hyundai's electric sub-brand, and its battery platform will underpin dozens of future EVs. </p><div type="image" title="The 2022 Hyundai Ioniq 5 Limited AWD." height="2000" width="3000" msid="90714596" hostid="261"></div><p>And that clean-sheet approach shows. From its striking good looks to its exceptionally fast charging ability, you get the sense that a great deal of thought went into every little detail in the Ioniq 5. </p><p>First, the basics. The Ioniq 5 comes in three trim levels: SE, SEL, and Limited. Each can be had with either a single motor and rear-wheel drive or dual motors and all-wheel drive. The former gives you better driving range, while the latter offers improved power and grip. A cheaper, entry-level model with a smaller battery pack is on the way. </p><ul><li><strong>SE ($39,700 MSRP)</strong>: The base, rear-wheel-drive version offers 220 miles of range and 168 horsepower, but isn't available yet. The lowest-cost model on the market is the SE Long Range, which starts at $43,650 and offers 303 miles of range. </li><li><strong>SEL ($45,900)</strong>: Adds ambient lighting, a heated steering wheel, wireless device charging, synthetic-leather seats, extra safety technology, and other features. </li><li><strong>Limited ($50,600)</strong>: Adds Hyundai's most advanced driver-assistance feature, a glass roof, ventilated front seats, a head-up display, and other features. </li></ul><div type="image" title="The 2022 Hyundai Ioniq 5." height="2000" width="3000" msid="90714597" hostid="261"></div><p>The fully-loaded Ioniq 5 Limited AWD Hyundai loaned me came out to $55,920, including a destination fee. </p><h2><strong>What stands out: A sleek interior that's bigger than you'd expect</strong></h2><p>Depending on how you look at it, the Ioniq 5 resembles either a squat SUV or a slightly inflated hatchback. Regardless, it doesn't come off as particularly large. But step inside the compact SUV, and the first thing you'll notice is just how uncluttered and spacious it feels. </p><div type="image" title="The 2022 Hyundai Ioniq 5." height="2000" width="3000" msid="90714598" hostid="261"></div><p>Thanks to some clever design choices and the beauty of compact, electric powertrains, the Ioniq 5 has a flat floor, ample room in the driver and passenger footwells, and a huge open space in front of the center console <a href="https://www.businessinsider.com/hyundai-ioniq-5-ev-interior-feature-tesla-volkswagen-electric-vehicle-2021-2">for a bag or purse</a>. The bright materials and sprawling glass roof in the model I tested added to the sense of volume. </p><p>To get a sense of just how much room there is for passengers to stretch out in the Ioniq 5, consider that its wheelbase is longer than that of Hyundai's much larger, three-row Palisade SUV. </p><div type="image" title="The 2022 Hyundai Ioniq 5." height="2000" width="3000" msid="90714599" hostid="261"></div><p>One fun albeit a little gimmicky touch: In top-trim Limited models, a sliding center console lets you choose if you want more room for the rear passengers or up front. Moreover, the Ioniq 5's open-concept floor plan means there's nothing for your right knee to dig into while you're driving. Tall people, rejoice! </p><div type="image" title="The 2022 Hyundai Ioniq 5 Limited AWD." height="2000" width="3000" msid="90714600" hostid="261"></div><p>On top of all that, the cabin's sleek design and comfy seats make it just plain pleasant to spend time in. If you want to take a snooze while charging, the front seats recline fully and can be optioned with a calf rest. </p><p>And Hyundai managed to channel <a href="https://www.businessinsider.com/why-i-decided-against-buying-a-tesla-model-3-2019-8">Tesla's</a> minimalist, technology-heavy aesthetic without making the Ioniq 5 sterile or overly complicated to operate. Thankfully, the SUV includes buttons for the climate controls and radio, rather than cramming every important function into the touchscreen. </p><div type="image" title="The 2022 Hyundai Ioniq 5." height="2000" width="3000" msid="90714601" hostid="261"></div><h2><strong>Driving the Ioniq 5</strong></h2><p>Rated at 320 horsepower and 446 pound-feet of torque, the dual-motor, all-wheel-drive Ioniq 5 I tested packs a serious punch. According to Hyundai, it zips to 60 mph in around five seconds, a figure I didn't independently verify but wholeheartedly believe based on my unsuspecting passengers' gasps. </p><div type="image" title="The 2022 Hyundai Ioniq 5." height="2000" width="3000" msid="90714602" hostid="261"></div><p>Switching the Ioniq 5 into Sport mode puts all that neck-snapping power at your big toe, but driving range drops accordingly. Eco mode disables the front motor, conserving energy and resulting in a more subdued driving experience. The Normal setting falls somewhere in the middle. Across the board, the Ioniq 5 glides smoothly and quietly down the highway and is unbothered by rough roads. </p><p>Thrilling as the all-wheel-drive model may be, there's a good case for choosing a slightly less exciting rear-wheel-drive version: range. All-wheel-drive models are rated for a just-okay 256 miles. Opt for rear-wheel-drive, and the <a href="https://www.fueleconomy.gov/feg/Find.do?action=sbs&amp;id=44923&amp;id=44922&amp;id=44924">Environmental Protection Agency says</a> you'll get a stellar 303 miles per charge. </p><div type="image" title="The 2022 Hyundai Ioniq 5 Limited AWD." height="2000" width="3000" msid="90714603" hostid="261"></div><p>Across all models, Hyundai bestowed the Ioniq 5 with the ability to charge incredibly quickly. The SUV can use 350-kilowatt stations — the most powerful type around — to recharge from 10-80% in a swift 18 minutes, Hyundai says. It even posted a <a href="https://www.youtube.com/watch?v=WCqcqy29ZCc">video</a> to prove it. The only EVs that can come close to that kind of charging speed are fancy, six-figure cars like the Tesla Model S, Lucid Air, and Porsche Taycan. </p><p>Likewise, all Ioniq 5s get an impressive array of safety tech, including forward-collision avoidance, lane-keeping, and blind-spot monitoring. The Limited trim comes equipped with extra features, including extremely handy blind-spot cameras that switch on whenever you hit the turn signal, along with an augmented-reality display on the windshield that shows your speed and blind-spot status. </p><h2><strong>What falls short: Not much</strong></h2><p>Five days testing the Ioniq 5 left me impressed overall, but I did notice a few flaws. Although I loved the SUV's roomy interior layout and intuitive tech, some design decisions had me scratching my head. </p><div type="image" title="The 2022 Hyundai Ioniq 5 Limited AWD." height="2000" width="3000" msid="90714663" hostid="261"></div><p>To use Apple CarPlay or Android Auto, you need to plug your device into a USB port all the way down by the driver's feet. Why Hyundai didn't include wireless functionality or some more convenient ports instead is puzzling. Similarly, the wireless charging pad is a welcome touch in the Limited model, but it's located deep inside the center console in a hard-to-reach spot. </p><p>The climate-control settings use smooth, touch-sensitive buttons that don't buzz or otherwise offer feedback when you tap them, making it difficult to understand what you're doing without looking away from the road. But these sorts of controls are everywhere now, so maybe I should just shut up about it. </p><div type="image" title="The 2022 Hyundai Ioniq 5 Limited AWD." height="2000" width="3000" msid="90714664" hostid="261"></div><h2><strong>The complete package</strong></h2><p>From a design standpoint, the Ioniq 5 is a home run. Its unmistakable, space-age styling turns heads and makes you feel special, while its clean, airy cabin keeps you comfortable as you silently glide to your destination. </p><p>Importantly, though, Hyundai didn't compromise daily usability, which is bolstered by the Ioniq 5's long driving range, super-fast charging, and terrific use of interior space. Fanciful extras like a sliding center console and the ability to act as a giant mobile power bank show that Hyundai is eager to experiment with features people don't know they need yet. </p><p>With more superb options like this, electric cars should have no trouble hitting the mainstream.</p>

The $56,000 Hyundai Ioniq 5 is an electric living room on wheels that'll make you want to ditch gas for good

<ul class="summary-list"><li>Classic <keyword id="44719" type="PERSON" weightage="60" keywordseo="Land-Rover">Land Rover</keyword> Defenders are quite rare and have gained a cult following in the US.</li><li>The 2020 <keyword id="3058000" type="PERSON" weightage="60" keywordseo="Land-Rover-Defender">Land Rover Defender</keyword> is the first new <keyword id="77523" type="PERSON" weightage="60" keywordseo="Defender">Defender</keyword> to be sold here from the factory since 1997.</li><li>Base MSRP of the Defender is $46,100. After options, my loaner came to $72,780 MSRP.</li></ul><p>Nearly a quarter of a century has passed since a new Land Rover Defender arrived on US shores. </p><p>But for the first time since 1997, we finally get a fully federalized, fully road-legal Defender straight from Land Rover itself. You no longer have to wait for the <a href="https://www.thedrive.com/news/25988/top-10-cars-from-1994-you-can-finally-import-under-americas-25-year-law">25-year import rule</a> to expire or <a href="https://www.businessinsider.com/twisted-na-v8-90-review-defender-land-rover-cost-custom-2020-12">hit up</a> a <a href="https://www.businessinsider.com/land-rover-defender-twisted-automotive-na-90-110-custom-price-2020-12">customization shop</a> to get your hands on a Defender, and that in itself is a relief.</p><div type="image" title="2020 Land Rover Defender 110 SE.KL_45" height="1667" width="2500" msid="80424338" hostid="261"></div>The 2020 Defender still retains the original's boxy shape, but much of what made a Defender a Defender has been smoothed and ironed out to befit a brand that no longer uses military surplus to build cars. You'll notice a sleeker face and larger dimensions. Electronic seats. A heated steering wheel. Fancy air suspension <em>mon Dieu</em>.<p>From the driver's seat, the only way you'd be able to tell you were driving a Defender is by reading the name stamped across the steering wheel. But I'll let you in on a little secret: The original Defender is bad! I've driven it. </p><div type="image" title="2020 Land Rover Defender 110 SE.KL_6" height="1667" width="2500" msid="80424340" hostid="261"></div>The new one? It's good.<h2><strong>The 2020 Defender 110: Out with the old</strong></h2><p>The Defender legacy <a href="https://www.automobilemag.com/news/land-rover-defender-history-buying-tips/">began in 1983</a> with the Defender 90 and Defender 110, their numbers a reference to the size of their wheelbases - or the length of the space between the centers of a vehicle's front and rear wheels. </p><div type="image" title="1995 Land Rover Defender 90." height="1973" width="2252" msid="80424341" hostid="261"></div>Defenders didn't come to the US until 1993 and left just as abruptly in 1997 because they couldn't meet our safety standards. (Specifically, they lacked airbags and side-impact door protection.) As a result, the trucks were little-known and rare, becoming a kind of a hidden gem for fans and enthusiasts. <p>Regardless of US regulations, though, Defender production kept right up until 2016. Following that came the current Defender for the 2020 model year, finally available to buyers in the US.  </p><h2><strong>Details and safety ratings: A straight-six smooth as silk</strong></h2><p>The 2020 Defender starts at $46,100 and comes with two engine options. My loaner, a Defender 110 SE, started at $62,250 and landed at $72,780 with options and fees.</p><p>The first engine option is a turbocharged, 2.0-liter four-cylinder, good for a claimed 296 horsepower and 295 pound-feet of torque. The second, which is what my loaner came with, is a mild-hybrid, turbocharged and supercharged 3.0-liter straight-six, good for a claimed 395 horsepower and 406 pound- feet of torque. </p><div type="image" title="2020 Land Rover Defender 110 SE.KL_19" height="1667" width="2500" msid="80424342" hostid="261"></div>Both engines are hooked up to a slick eight-speed ZF automatic transmission. There's also permanent four-wheel drive and locking differentials, making the Defender as legit as any serious off-roader.<p>Length of the 110 comes to 16.5 feet, width comes to 6.6 feet, and height comes to 6.5 feet. Wheelbase is 119 inches - nine inches longer than that of the original Defender 110. Ground clearance comes to a towering 11.5 inches. Total curb weight comes to 5,035 pounds. The Defender's estimated fuel economy comes to 17 mpg in the city, 22 mpg on the highway, and 19 mpg combined.</p><div type="image" title="2020 Land Rover Defender 110 SE.KL_26" height="1667" width="2500" msid="80424344" hostid="261"></div>And while the new 110 won't offer rear bench seats <a href="https://www.google.com/search?q=original+land+rover+defender+110+rear+bench+seat&amp;tbm=isch&amp;ved=2ahUKEwizkJG51JTuAhUZgVkKHeVmBrQQ2-cCegQIABAA&amp;oq=original+land+rover+defender+110+rear+bench+seat&amp;gs_lcp=CgNpbWcQA1Dg_gFY3IMCYIKFAmgAcAB4AIABR4gBtgKSAQE1mAEAoAEBqgELZ3dzLXdpei1pbWfAAQE&amp;sclient=img&amp;ei=Bq38X7P1DZmC5gLlzZmgCw&amp;bih=1304&amp;biw=1270&amp;rlz=1C5CHFA_enUS911US914&amp;safe=off#imgrc=RNVLfflL-j0N3M1US914&amp;safe=off#imgrc=RNVLfflL-j0N3M">like the old one famously did</a>, <a href="https://www.motor1.com/features/369806/2020-land-rover-defender-official-jump-seat/">you can option it with a three-person bench seat in the front</a>, which is quite rad. Excitingly, the two-door 2020 Defender 90 will also be available here for the 2021 model year.<h2><strong>What stands out: Driving on stilts</strong></h2><p>Surpassing the original Defender - a rough, utilitarian thing - is a low bar, but it's a bar nonetheless. To the surprise of no one, the new Defender passes it with flying colors, although it's a bit like saying Usain Bolt runs faster than I do. </p><div type="image" title="2020 Land Rover Defender 110 SE.KL_61" height="1667" width="2500" msid="80424346" hostid="261"></div>Immediately, you'll notice a crispness to the way the 110 drives, one that seems at odds with its 5,000-pound curb weight. The throttle response is immediate, agile, and light. There's good low-end power, lending to the truck's smooth power delivery. This is certainly due to the help of that mild hybrid system. <p>As an added bonus, acceleration is accompanied by a throaty straight-six exhaust rasp, a delightful reminder of the old BMW straight-six engines. Steering feel is also vastly improved over the original truck's. It feels responsive and modern.</p><div type="image" title="2020 Land Rover Defender 110 SE.KL_62" height="1667" width="2500" msid="80424347" hostid="261"></div>Because of the Defender's tall stance, you, in turn, sit tall as well. I felt like I was a half- to a whole head taller than everyone else on the road. People driving Honda Pilots only came up to my chest. I was practically sitting on the roofs of Toyota Camrys.<p>It was a great vantage point from which to observe the road, because hardly anything blocked my view - though, of course, I did become a big obstacle for everyone else to see around. You win some and you lose some, folks.</p><div type="image" title="2020 Land Rover Defender. OEM_1" height="1875" width="2500" msid="80424349" hostid="261"></div>But driving the Defender over low traction surfaces - in this case ice and snow - is where it really shines. There, you get a sense of absolute tankiness, a sense of powerful unstoppability. It was ice and snow I'd eye nervously if I was in my C-Class sedan, but the Defender marched right over it like it was a minor puddle after a spring shower. <p>For me personally, these feelings were validated when I happened upon my friend who'd gotten his Porsche Boxster stuck in a snowdrift because it didn't have enough ground clearance. (He dug it out eventually, don't worry.)</p><h2><strong>What falls short: Busy screen</strong></h2><p>I didn't love the feel of the plastics in the Defender. They just didn't respond to my touch with the solidity that I'd expect from a truck that starts at more than $60,000 in the 110 SE trim I was testing, although I will say that the door handles and parts of the dash were wrapped in a cool wetsuit-like polyurethane material that seems like it would be very easy to clean if it got dirty.</p><div type="image" title="2020 Land Rover Defender 110 SE.KL_42" height="1667" width="2500" msid="80424350" hostid="261"></div>My first impression of the infotainment system was one of being overwhelmed. There were so many menu items, all presented on one menu. The navigation, phone connection, and music were conveniently located off to the side, but the system also presented seat and climate options alongside its valet mode, eco data, wade sensing, and vehicle dimensions. These, I felt, could have been tucked into some other menu folder to reduce clutter.<p>I also got the distinct sense that I was not the correctly shaped person Land Rover had in mind when designing the new Defender. If you've ever sat in an original Defender, you'd know that the cabin is actually quite cramped and narrow. For me, it was nearly perfectly scaled.</p><div type="image" title="2020 Land Rover Defender. OEM_6" height="1757" width="2500" msid="80424352" hostid="261"></div>With this new Defender, I felt like Goldilocks sitting in Papa Bear's chair: the seat was too long and kept hitting me in the back of my calves so that my legs were never comfortable in the footwell. (And before you ask, no, there is no adjustment for this part of the seat. I checked.) <p>Even the visibility worked against me. Rear visibility is already quite bad, but even with the seat raised up as high as it would go, I still found the wing mirrors positioned directly in my line of sight, blocking pedestrians crossing intersections. </p><div type="image" title="2020 Land Rover Defender 110 SE.KL_55" height="1667" width="2500" msid="80424353" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_56" height="1667" width="2500" msid="80424354" hostid="261"></div>At least there are a myriad of cameras all over the truck. They make the otherwise impossible task of parking possible.<h2><strong>How the new Defender compares to its competitors: Mid-tier pricing</strong></h2><p>The tacked onto the $62,250 Defender 110 SE Land Rover loaned me included, among other things, the: Driver Assist Pack ($1,020), Cold Climate Pack ($700), Advanced Off-Road Capability Pack ($735), Off-Road Pack ($1,345), a sliding panoramic roof ($1,750), and a black contrast roof ($870). That brought the truck's total MSRP to $72,780. </p><div type="image" title="2020 Land Rover Defender 110 SE.KL_52" height="3750" width="2500" msid="80424357" hostid="261"></div>As a four-door, two-row SUV with a $46,100 base price and a penchant for off-roading, the Defender's competitors include the Jeep Wrangler (<a href="https://www.jeep.com/wrangler.html">$28,315</a>) , Mercedes-Benz G-Wagen (<a href="https://www.mbusa.com/en/vehicles/class/g-class/suv">$131,750</a>), Toyota 4Runner (<a href="https://www.toyota.com/4runner/">$36,590</a>), and the upcoming Ford Bronco (<a href="https://www.cnet.com/roadshow/news/2021-ford-bronco-pricing-2-door-4-door-official/">$34,695</a>). <p>The Defender certainly isn't the cheapest option, but it isn't the most expensive, either. The quality of the G-Wagen ought to be more upscale and the 4Runner should have better reliability (it <em>is</em> a Toyota, after all), but the Defender has the Jeep Wrangler beat in interior quality.</p><div type="image" title="2020 Land Rover Defender 110 SE.KL_49" height="1667" width="2500" msid="80424358" hostid="261"></div>It's also got the Wrangler beat in one other thing.<h2><strong>Our impressions: What's in a name?</strong></h2><p>By far, the Wrangler's biggest drawback is its inability to act like a civilized vehicle on the highway. It's loud, unstable, and a handful. Fans call it character. I call it annoying.</p><div type="image" title="2020 Land Rover Defender 110 SE.KL_59" height="1667" width="2500" msid="80424360" hostid="261"></div>The Defender, on the other hand, shone during high speed cruising. It held to highway speeds just fine. The ride quality at 75 mph was no different than if we were going 25 mph. And because the Defender's cameras provided such a comprehensive 360-degree view of its surroundings, I wasn't terrified of navigating it through tight parking lots.<p>I could easily see myself using it as an everyday SUV. The low-traction stability was just an added bonus. </p><div type="image" title="2020 Land Rover Defender 110 SE.KL_63" height="1667" width="2500" msid="80424363" hostid="261"></div>Through that lens, the $62,000 price tag makes sense. Though the inside of the Defender's trunk was lined in a rubbery plastic - easy to clean if you put something muddy back there, like a dog - this is still a truck for a luxury buyer. One who might want to get it dirty only sometimes. I also suspect that for those who won't ever take it overlanding, the mere knowledge that it won't get stuck off-road is enough.<p>People liked the original Defender because it was ratty and bad. No creature comforts to speak of. There was an honesty to that. This new Defender is upscale, comfortable, and doesn't punish you for committing the crime of being tall. </p><div type="image" title="2020 Land Rover Defender 110 SE.KL_30" height="1667" width="2500" msid="80424364" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_32" height="3750" width="2500" msid="80424366" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_31" height="1667" width="2500" msid="80424367" hostid="261"></div>Not that Land Rover didn't try and capture some of the old truck's ruggedness, of course. There are fake diamond-plate inserts on the hood and exposed bolts all over the interior that may or may not be functional. The trunk is still accessible via a side-hinged swinging door. With "Defender" stamped all over the place, it sort of felt like the new truck was playing dress-up as the old truck. <p>But a name is just a name. There's no rule saying that the thing the name represents cannot change and take on a new definition. Well, maybe there's a rule if you're a purist. Nevertheless, it seems like Land Rover took a stab at broader appeal here.</p><div type="image" title="2020 Land Rover Defender 110 SE.KL_28" height="1667" width="2500" msid="80424369" hostid="261"></div>Land Rover makes luxury <keyword id="60427" type="ENTERTAINMENT" weightage="60" keywordseo="SUVs">SUVs</keyword> now. It can't get away with selling people rickety bits of farming equipment anymore. But in a portfolio of <em>only</em> luxury SUVs, how is it supposed to differentiate yet another luxury SUVs to the public?<p>Easy. Lean on the storied Defender name, which carries a cult following mired in nostalgia. The most powerful kind of cult following.</p><div type="image" title="2020 Land Rover Defender 110 SE.KL_24" height="3750" width="2500" msid="80424370" hostid="261"></div>I personally couldn't care less what Land Rover calls the new truck. You shouldn't either. It's objectively nice. But for luxury buyers stuck on the idea and heritage of a Defender - and who also can't square with a lack of amenities - the new Defender is perfect. <p style="text-align: center;">♦♦♦</p><div type="image" title="2020 Land Rover Defender 110 SE.KL_40" height="3750" width="2500" msid="80424371" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_57" height="1667" width="2500" msid="80424374" hostid="261"></div><div type="image" title="2020 Land Rover Defender. OEM_2" height="1875" width="2500" msid="80424379" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_35" height="1667" width="2500" msid="80424383" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_20" height="3750" width="2500" msid="80424388" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_39" height="1667" width="2500" msid="80424389" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_33" height="1667" width="2500" msid="80424390" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_16" height="1667" width="2500" msid="80424392" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_1" height="1666" width="2500" msid="80424393" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_13" height="1667" width="2500" msid="80424395" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_41" height="1667" width="2500" msid="80424399" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_60" height="1667" width="2500" msid="80424401" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_38" height="1666" width="2500" msid="80424403" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_29" height="1667" width="2500" msid="80424405" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_34" height="1667" width="2500" msid="80424407" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_15" height="1667" width="2500" msid="80424411" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_18" height="1667" width="2500" msid="80424414" hostid="261"></div><div type="image" title="2020 Land Rover Defender 110 SE.KL_9" height="1667" width="2500" msid="80424415" hostid="261"></div>

REVIEW: The new Land Rover Defender turns an iconic nameplate into a smooth and modern off-road SUV

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters/Stefan Wermuth</span></p><p class="caption">Bank of England governor Mark Carney dips a new £5 note into a curry at a market in London to show the note is waterproof.</p></div><p></p></div></div>Good morning! Here's what you need to know in markets on Wednesday.</p><p><a href="http://www.bloomberg.com/news/articles/2016-09-13/bayer-said-to-propose-improved-monsanto-offer-of-129-a-share"><strong>Bayer is proposing an increased offer and break fee as it tries to clinch the acquisition of Monsanto to create the world's biggest maker of seeds and pesticides, according to people familiar with the matter.</strong> </a>Bloomberg reports that Bayer is willing to raise its offer to about $129 (£97.70) a share, or $56.5 billion (£42.8 billion), from $127.50 (£96.59) a share, and double the antitrust break fee to about $3 billion (£2.2 billion), said the people, who asked not to be identified because the deliberations are private.</p><p><strong><a href="https://www.ft.com/content/5c8e5c50-79c5-11e6-97ae-647294649b28">Takeda, Japan's largest pharmaceuticals group, is on the hunt for acquisitions in the US and has earmarked up to $15 billion (£11.3 billion) to spend on takeovers to boost its presence in the world's largest healthcare market, according to people briefed on the company's plans.</a> </strong>The Financial Times reports that the drugmaker, Japan's biggest by market value, has told investors it wants to buy US companies developing drugs for cancer, gastrointestinal conditions, and diseases of the central nervous system, such as Alzheimer's, the people said.</p><p><a href="http://www.businessinsider.com/r-investors-reluctant-to-back-monte-paschis-cash-call-2016-9?IR=T"><strong>Investors are reluctant to back Monte dei Paschi di Siena's bid to raise billions of euros, top fund managers and a source with knowledge of the matter told Reuters, posing a huge challenge for a new CEO seeking to save the Italian bank.</strong></a> The lender, which is expected to name a new chief executive on Wednesday, must raise up to €5 billion (£4.2 billion, $5.6 billion) as part of an emergency rescue plan to stave off the risk of being wound down and a wider banking crisis that would send shockwaves across Europe.</p><p><strong><a href="http://uk.businessinsider.com/closing-bell-september-13-2016-2016-9">US stocks continued their volatile streak on Tuesday, selling off substantially throughout the day and giving back all of Monday's gains.</a> </strong>All three major indexes fell substantially, ending the day near their lows. Tuesday marked the third straight day that the S&amp;P 500 moved by 1% in either direction, after 43 straight days of not doing so.</p><p><strong>Asian markets are lower on the back of the US's performance.</strong> China's benchmark Shanghai Composite index is down 0.46% at the time of writing (6.35 a.m. BST/1.35 a.m. ET), Japan's Nikkei is down 0.59%, but the Hong Kong Hang Seng is up 0.16%.</p><p><strong>Unemployment and earnings data are coming.</strong> Figures for July and August are due at 9.30 a.m. BST (4.30 a.m. ET). Average wage growth including bonuses is forecast to drop from 2.4% to 2.1%, while economists expect the unemployment rate to remain unchanged at 4.9%.</p><p><a href="http://www.businessinsider.com/r-investors-sue-porsche-se-over-volkswagen-scandal-2016-9?IR=T"><strong>Porsche, the main shareholder of Volkswagen, is facing lawsuits from investors claiming the firm did not disclose the financial risks of VW's emissions scandal uncovered a year ago.</strong></a> A spokesman at Porsche SE said on Tuesday Frankfurt-based law firm Nieding + Barth had filed 12 lawsuits against the firm which controls 52.2% of VW's voting shares, while lawyer Andreas Tilp has submitted another three suits.</p><p><strong><a href="http://uk.businessinsider.com/saudi-arabia-top-oil-producer-again-beating-us-2016-9">Saudi Arabia is once again the world's largest oil producer, surpassing the US, which had held the title since April 2014, according to the International Energy Agency's latest monthly report.</a></strong> The report estimates that Saudi Arabia's low-cost oil fields have pumped out an extra 400 kilobarrels a day since May.</p><p><strong><a href="http://uk.businessinsider.com/it-keeps-getting-worse-for-wells-fargo-2016-9">Wells Fargo is facing a tidal wave of bad news.</a></strong> The US bank has a mounting series of problems stemming from the news that since 2011 employees had improperly opened accounts for customers.</p><p><strong><a href="http://uk.businessinsider.com/iex-is-now-going-after-one-of-the-touchiest-subjects-on-wall-street-2016-9">America's newest stock exchange isn't finished shaking up the establishment.</a></strong> IEX, <a href="https://www.amazon.com/Flash-Boys-Wall-Street-Revolt/dp/0393351599?tag=biuksafetynet-21">the trading firm famous for its efforts to undercut high-speed traders</a>, just launched as an exchange <a href="http://www.businessinsider.com/iex-gets-sec-approval-2016-6">after winning regulatory approval in July</a>.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

10 things you need to know in markets today

<p><div class="image-container" style="width:590px"><div class="image"></div><p class="source">YouTube Screengrab</p><p class="caption">A shot from a 2012 SCC promo video</p></div></p>
<p>To join <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s Sports Car Club (SCC), you need two things. First, you have to be able to pay a 10,000 yuan ($<span style="word-break: break-all;">1,616</span>) annual membership fee. Second, you need access to an unbelievably expensive sports car.</p>
<p>How expensive exactly? In 2011 Bloomberg reported that a Porsche SE 911 (sold in China for $220,000) <a href="http://www.bloomberg.com/news/2011-06-07/porsche-only-in-china-sells-220-000-entry-level-automobile-for-club-cars.html">was considered entry-level at the Beijing branch</a> — other members had $3.9 million Tramontanas and $4.3 million Bugatti Veyron 16.4s. According to the International Business Times, <a href="http://www.ibtimes.com/profiling-chinas-super-rich-second-generation-hac-elite-sports-car-club-1188067">one branch now requires its members to have a car</a> better than the Porsche Carrera GT, which was first sold in China during 2004 for $448,000.</p>
<p>While it was first formed in 2009 as a simple car enthusiast club, over the years the SCC and its associated social events have become linked with the negative concept of "fuerdai" — young second generation rich known for flaunting their wealth. The club is stirring up elements of class hatred in the communist country.</p>
<p></p>
<p>It's not totally undeserved. This month, two rumored members of the SCC <a href="http://www.businessinsider.com/china-fuerdai-show-off-bank-accounts-2013-4">began posting photos of their bank accounts online after a bizarre feud over allegations about a "sex party" at a yacht show.</a> One bank account appeared to have over 9.9 billion yuan in it — $1.5 billion.</p>
<p>The screenshots (which may, of course, be faked) crystallized concerns about what the club means for China. On Weibo "SCC" became <a href="http://www.scmp.com/news/china/article/1211571/guo-meimei-sparks-fuerdai-feud-social-meda">the number one trending topic</a>, according to the South China Morning Post.</p>
<p>“Thank you SCC," one Weibo user <a href="http://weibo.com/honeylivia">wrote after the scandal broke</a>. "You make me understand that I’m not living at the bottom of this society, I live 180 floors beneath the bottom." </p>
<p>“By my current income, I can become a SCC member in 1,000 years," <a href="http://weibo.com/u/2929120245">wrote another</a>. "That is to say, I don’t eat, drink or spend a penny in those 1,000 years.”</p>
<p>While there are reportedly just 1,500 members of the SCC, they have an habit of making news. When the absurdly fabulous life of a young woman in Shenzhen went viral earlier this year, it didn't take long for people to <a href="http://www.businessinsider.com/china-obsessed-with-king-zhang-jiale-2013-3">realize she was an SCC member</a>.</p>
<p>In 2010, GQ China interviewed six Chinese twentysomething members of the Sports Car Club. One notable quote came from a man dating a pretty woman, who then realized her car was “five years out of fashion.”</p>
<p>“Secondhand goods,” the SCC member said, ditching the girl. (GQ China was later forced to pull the issue after it emerged their reporter had not made it <a href="http://blogs.wsj.com/chinarealtime/2010/07/27/gq-china-pulls-july-issue/">clear they were recording the conversations for publication</a>).</p>
<p><keyword id="660753" type="UNKNOWN" weightage="60" keywordseo="Sports-cars">Sports cars</keyword> themselves have become intrinsically linked to corruption in the public imagination. Last year the 4 a.m. car crash of a $1 million Ferrari and subsequent cover-up <a href="http://www.businessinsider.com/ling-jihua-the-1-million-ferrari-crash-2012-11">led to the dramatic sidelining of a key Beijing politician</a> (it's believed his son was driving the car, and may have been killed in it). One of the more light-hearted aspects of last year's Bo Xilai scandal <a href="http://www.businessinsider.com/bo-xilai-bo-guagua-car-ferrari-harvard-2012-5">was the constant discussion of what car his Harvard student son drives</a>.</p>
<p>For many Chinese citizens, the SCC and sports cars in general seem to represent the big new problem in China — economic inequality.</p>
<p>For example, the monthly membership fees for the SCC are almost twice the average annual salary for Beijing (based <a href="http://www.chinadaily.com.cn/china/2012-07/06/content_15555503.htm">on official 2011 data</a>). Even if a person earning this salary paid no taxes and had no other expenses, it would take them almost 50 years to buy a Porsche Carrera GT at $448,000.</p>
<p>As Lily Kuo at Quartz notes, <a href="http://qz.com/72953/chinas-super-rich-flaunt-their-wealth-online-leaving-a-bitter-taste/">China's Gini coefficient (a measure of income inequality)</a> was officially <a href="http://qz.com/45367/china-release-inequality-data-for-first-time-in-years-pegs-it-just-below-us/">0.47 in 2012</a>, and other studies say it could be as <a href="http://english.caixin.com/2012-12-10/100470648.html">high as 0.61</a>. The <a href="http://www.scmp.com/news/china/article/1102047/china-wealth-gap-continues-widen-survey-finds">global average is 0.44</a>, and 0.61 would be 50 percent above the "risk level" for social unrest.</p>
<p>Exactly how the SCC feel about being a symbol of inequality isn't clear (interview requests put in to the group were not answered).</p>
<p>In one 2011 interview English-language interview, two members of the group were asked by a CCTV interviewer how they became so rich. They responded awkwardly, <a href="http://www.china.org.cn/video/2011-07/25/content_23065815.htm">one explaining that he works in shipping</a> and the other saying he is "running a company that's doing <keyword id="6363239" type="ORGANIZATION" weightage="60" keywordseo="luxury">luxury</keyword> branding and distribution."</p>
<p>It's also worth noting that not all of the members are spoiled young fuerdai — one magazine estimated that 30% of <a href="http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20111002000058&amp;cid=1503">members were entrepreneurs themselves</a> (the rest appeared to be second generation rich). Time Magazine <a href="http://www.time.com/time/magazine/article/0,9171,2116601-1,00.html">spoke to Zhang Kuan</a>, the founder of the Beijing branch, last year. Zhang came from a modest background — his first car was a Volkswagen.</p>
<p>"People in my generation, we always want the next thing," he told Time. "It's how we express ourselves and live our dreams."</p>

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