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Democratic leaders of Congress revealed late on Friday that they had reached an agreement on a bailout plan for the Detroit 3 ranging in the vicinity of $15 billion to $17 billion, about half what the carmakers were seeking. The plan still needs to be voted on but this is expected to take place next week. The accord is designed to provide short-term loans to General Motors, Ford and Chrysler to prevent an industry collapse and allow a comprehensive restructuring of the companies early next year, House Speaker Nancy Pelosi said in a statement. Pelosi also revealed that she was willing to fund...
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FIA picks Cosworth as official F1 engine supplierCritics of Formula One have long complained that the series is too expensive and lacks real competition. Rule changes, including a ten-year engine development freeze, to help combat those tendencies of the world's premier road racing league have helped, but now the FIA is taking radical steps to...
Kenneth Hall -
GM announces additional 2,000 job cuts, compiling vehicle death listGeneral Motors has confirmed that it will cut an additional 2,000 factory jobs at three of its North American plants early next year, while at the same time asking Congress for a federal bailout package of up to $18 billion. GM Spokesman Chris Lee told the Detroit Free Press that the company is...
Viknesh Vijayenthiran -
Nissan releases 'Stylish Package' for Japanese Fairlady ZThe first official non-Nismo aero package for the 370Z was revealed today, dubbed the 'Stylish Package' and intended for the JDM Fairlady Z. Though the translation may be a bit awkward, the design is less so than the Nismo S-Tune package, finding a happier medium of aerodynamic design and styling...
Kenneth Hall -
Ford appoints new performance vehicles chiefFord Motors is stepping up its efforts in performance vehicles, with a senior employee being appointed to the newly created position of Director of Global Performance Vehicles and Motorsport Business Development. Jost Capito will be taking up the position at the beginning of next year, and will be...
Ralph Hanson -
Report: Chrysler has hired bankruptcy firm Jones DayThe U.S. Congressional hearings on Capitol Hill are still underway, and thus far no definitive result has been reached. Chrysler CEO Bob Nardelli has at times appeared apologetic and even regretful, but always concerned with securing additional funding for the company. The near-desperation...
Nelson Ireson -
Mitsuoka, arguably the most interesting car company in Japan, has released another Japanese homage to a classic British automobile, this time their unique take on what appears to be a Morgan Roadster. Sitting on the body of a Mazda MX-5, the Mitsuoka Himiko even manages to squeeze a folding hardtop roof into its tiny frame. Featuring a 2.0L four-cylinder engine, the handsome Himiko will be sold in three different trim levels, including a Himiko Standard, a Himiko Premium and a Himiko Hi Premium. The car will be available with either a 6-speed manual or a six-speed automatic transmission...
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Four-cylinder Toyota Highlander pricing starts at $25,705Shifting demand for smaller and more fuel-efficient vehicles around the globe, but especially in North America, has hit carmakers hard. Even industry leader Toyota is feeling the pain, announcing shocking profit results for the past quarter on the back of flagging sales for its SUV and pickup...
Viknesh Vijayenthiran -
Honda announces withdrawal from Formula OneHonda has announced that the 2008 season will be its last in Formula One, and that it is looking to sell the team by the end of the year. If no buyer can be found the outfit may simply be shut down. Honda CEO Takeo Fukui broke the news in a statement today in Japan. Fukui's reasons for the decision...
Jeremy Weber -
Ford ending production of Taurus X and Mercury SableFord’s North American lineup will be experiencing a major overhaul over the next couple of years, with the entire lineup expected to be completely upgraded by 2010 and six new European models set to join the ranks. The biggest impact is the considerable shift towards smaller vehicles and more...
James Martinez -
New survey finds 61% of Americans oppose aid to Detroit 3In the perpetual tug-of-war that is modern opinion polling, a new poll has found that 61% of Americans are opposed to the issuance of federally subsidized loan money to the car industry. The new poll, conducted by CNN/Opinion Research Corp. contradicts an earlier study funded by General Motors...
Ralph Hanson -
Volkswagen Scirocco Cup race car revealed in ChinaAs U.S. and European car sales plummet, developing brand recognition and loyalty in the so-called developing markets of China, South America and Russia is becoming more and more important. To that end, Volkswagen is planning a six-event spec race series in China for 2009, and the company has now...
Alex Kaufmann -
Even as America's carmakers plead their case before the U.S. Congress today, the executive branch has rejected $16 billion in grant requests through the DOE's retooling program. The rejection came in the form of a letter to the carmakers earlier this week from Energy Secretary Samuel Bodman. Of the $16 billion requested, General Motors sought $3.6 billion, Ford wanted $5 billion and Chrysler applied for $8.5 billion. All of the money was earmarked for hybrid/electric vehicle plans, such as GM's Volt. GM is already preparing a second application for funding, however, reports The Detroit News...
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Project Better Place expands to HawaiiShai Agassi's Project Better Place has gone on an expansion spree of late, enveloping two new sites in the U.S. and one in Australia in addition to the previously announced locations in Denmark and Israel. Now the initiative is moving its plans to Hawaii, working with the governor and the state's...
Nelson Ireson -
JE Design takes on the VW Scirocco coupeThe Volkswagen Scirocco is proving to be popular with tuners, with famed German performance shop JE Design also releasing its own hotted-up version of the svelte sports coupe. JE Design’s work on German cars has been well documented, especially some of its more outrageous creations based on...
Alex Kaufmann -
Chrysler founder’s great-grandson rallies public support for ailing carmakerThe great-grandson of the founder of Chrysler has publicly declared his support for the company, attending a rally in Baltimore to help the carmaker campaign for a federal bailout package. Frank Rhodes, great-grandson of Walter Chrysler and furniture maker, stated that he wants to "see them...
Viknesh Vijayenthiran -
GM CEO will head to Washington in a Chevrolet VoltPreviously we reported that GM CEO Rick Wagoner would be driving a Malibu hybrid to Washington for this week's auto industry bailout hearings, however it has come to light that he will actually be driving the company's much anticipated Chevrolet Volt plug-in hybrid. Wagoner will be driving a...
Ralph Hanson -
2010 Mustang pricing will just undercut new Camaro, ChallengerThe war for the title of the best new muscle car is about to get underway in earnest now that all three contenders have been revealed. The 2010 Ford Mustang, which debuted at last month's Los Angeles Auto Show, is already off to a head start with the lowest price of the trio, though it only slides...
Nelson Ireson -
Volkswagen has unveiled the first ever Golf to be factory-fitted with a liquefied petroleum gas (LPG) system at this week’s Bologna Motor Show in Italy. Using a simple switchover system, the Golf ‘BiFuel’ is capable of being driven with either regular petrol or LPG depending on the user's preference, and according to its creators the combination of petrol and LPG greatly reduces the car's environmental impact, cutting CO2 emissions by more than 10%. In LPG mode, the 96hp (72 kW) 1.6L four-cylinder engine of the Golf BiFuel averages 25.5mpg (9.2L/100km ) and 149g/km of CO2...
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Jaguar updates XJ rangeJaguar has revised its XJ lineup for the 2009 model year, offering customers more value and increased comfort. Building upon last year’s mid-cycle facelift, Jaguar designers have focused on the interior elements of the luxury saloon and refined the vehicle’s diesel offerings for...
Kenneth Hall -
UAW will suspend jobs bank, make other concessions to Detroit 3The controversial jobs bank system, which pays laid-off workers nearly full salary and benefits packages will come to a temporary end as the UAW works with the Detroit carmakers to reach a solution to the current financial crisis. Other concessions include revised payments into the union's health...
Ralph Hanson -
VW CC Individual debuts in BolognaThe Passat CC made its debut early this year, bringing the four-door coupe profile to a popularly affordable price point for the first time. Now the company has unveiled its Individual package for the CC at the Bologna Motor Show, offering a new dimension of luxury and appearance upgrades to the...
Alex Kaufmann -
Maserati unveils GranTurismo MC Sport Line at BolognaBologna, Italy's late-season car show, has played host to a surprising number of new models this year. The latest, Maserati's MC Sport Line, is an option package designed to give the company's cars a decidedly motorsports-inspired look and handling treatment. Not that Maserati is by any means...
Nelson Ireson -
GM will decide Saab's fate quickly, Sweden willing to help, but not buyYesterday all three of America's major carmakers revealed their future plans to Congress, and a part of General Motors' was the possible sale of Saab. While the brand is still being reviewed, and no decisions have yet been made, GM says it will make the choice to keep or sell quickly. "We will work...
Nelson Ireson