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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.

VW take control at Italdesign Giugiaro through Lamborghini.

Maserati Merak - by Giugiaro Perhaps it makes sense politically for an Italian company to takeover another, but the outcome is the same – VW has taken a majority stake in Italdesign Giugiaro – 90.1% – through its Italian subsidiary Lamborghini Holdings S.p.A. Just as we expected. And there’s a lot of sense in this move by VW – even if they are going back on their stated intent to end the acquisitions – as there’s a strong history with Giugiaro.

Audi Allroad Shooting Brake unveiled at 2014 Detroit Motor Show

This is Audi’s Allroad Shooting Brake show car, unveiled on the eve of the Detroit Motor Show. It's a reminder that Audi is gunning for sales from Mercedes-Benz and BMW - and a warning that there isn’t a niche it isn’t prepared to plug. The tri-motor, all-wheel drive hybrid, complete with 400hp and 480lb ft of torque, promises to be a fast, usable crossover when it appears on sale – and Audi is hinting that might not be too far away.