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News watch December 2010: today's auto industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hourFriday 31 December 2010• A judge in Manhattan has dismissed two lawsuits from hedge funds claiming for $2bn losses when it bought VW shares in 2008. Elliott Associates LP, Black Diamond Offshore and 39 other funds filed a complaint, claiming Porsche misled short-sellers who hadn't realised that Porsche had cornered the market in VW shares (Automotive News)Thursday 30 December 2010• Volvo plans to hire an extra 200 staff as it claims demand for its cars is rising.

First McLaren P1 customer cars delivered & specs and performance confirmed

First McLaren P1 customer cars delivered With McLaren starting production of the P1 earlier this month,and the P1 has now starting to arrive in the hands of real customers (which, it appears, is more than Ferrari can manage with LaFerrari) with it comes confirmation of the immense performance the P1 offers. The 0-62mph time of 2.8 seconds is impressive enough, but the 0-124mph of just 6.8 seconds, quarter mile of 9.8 seconds (at 152mph terminal speed) and a limited top speed of 217mph makes the new P1 astonishingly quick. If we look at the P1′s rivals claims for performance, LaFerrariu comes close with (vague) promises from Ferrari of a 0-62mph under 3 seconds and a 0-124mph if under 7 seconds.

Porsche Exclusive showcased at museum

The Porsche Museum in Stuttgart, Germany, will showcase the 25-year history of the Porsche Exclusive program with an exhibit that runs until May 1. This event celebrates the anniversary of the program, which allows customers to have their factory-fresh cars customized and refined to their specifications. The museum will display the Porsche 911 Turbo S 3.6 that was the first Porsche production car to top 186 mph, or the magical 300-kph mark in Europe.