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The rise of 'conspicuous waiting': The 19th-century economic theory that explains why Gen Z posts their place in line

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Tim Cook signed off on his final Apple earnings call with a warning about a ‘100-year flood’ in memory chip pricing

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He worked 100-hour weeks to save a nearly bankrupt boat company. At 83, he’s just turned down $400 million for it—and gave it all to charity instead
Volkswagen

Buyers of Volkswagen’s luxury cars despair on social media as the ship carrying their orders catches fire in the Atlantic

By
Madison Muller
Madison Muller
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Bloomberg
Bloomberg
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By
Madison Muller
Madison Muller
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Bloomberg
Bloomberg
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February 17, 2022, 10:48 PM ET
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The Felicity Ace, a massive Panama-flagged cargo ship carrying thousands of Volkswagen Group vehicles, caught fire near the Azores islands in the Atlantic Ocean Wednesday afternoon.

The ship’s 22 crewmembers were successfully evacuated and taken to a local hotel by the Portuguese Navy and Air Force, who were deployed to help with the rescue effort, according to a statement from the Navy. The ship itself was left unmanned and adrift.

An internal email from Volkswagen’s U.S. operations revealed there were 3,965 Volkswagen AG vehicles aboard the ship. Headquartered in Wolfsburg, Germany, the group manufactures its Volkswagen brand, as well as Porsche, Audi, and Lamborghini— all of which were in tow when the vessel set ablaze, the email said.

Over 100 of those cars were headed for Port of Houston in Texas, with GTI, Golf R, and ID.4 models deemed to be at risk, according to the email. This latest hit comes as the automobile industry is already ensnared in ongoing supply chain issues, including pandemic labor woes and semiconductor chip shortages.

Luke Vandezande, a spokesperson for Porsche, said the company estimates around 1,100 of its vehicles were among those on board Felicity Ace at the time of the fire. He said customers affected by the incident are being contacted by their automobile dealers. “Our immediate thoughts are of relief that the 22 crew of the merchant ship Felicity Ace are safe and well,” Vandezande said.

It’s not the first time the manufacturer has lost merchandise at sea. When the Grande America caught fire and sank in 2019, over 2,000 luxury cars, including Audi and Porsche, sank with it.

Some customers expressed their disappointment on social media. One Twitter user reported his custom spec’d Porsche Boxster Spyder was among the departed cargo. Standard models of the vehicle start around $99,650.

The Boxster Spyder with Deman 4.5 motor and shorty gears is the best sports car of all time, hands down. I had it specced exactly as I wanted it. There is no moving on. https://t.co/egaYJV5VEC

— Matt "Stick to Cars" Farah (@TheSmokingTire) February 16, 2022

A spokesperson for Lamborghini’s U.S. branch declined to comment on the number of cars the company had on board or which models were affected, but said that they are in contact with the shipping company to get more information about the incident.

Felicity Ace is roughly the size of three football fields and was en route to a port in Davisville, R.I., when a distress signal was issued due to fire on one of its cargo decks.

As of Wednesday night, the ship’s owner was arranging for the vessel to be towed, the Navy said. They plan to remain on site to monitor the situation, reporting no detectable traces of pollution so far. 

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