Hyundai Genesis Hurricane SC prototype heads for SEMA

Hyundai will debut its newest prototype, the Genesis Hurricane SC, at the SEMA show in Las Vegas next month. With the help of Magnuson Products, Rhys Millen Racing, Harman International and Torvec Inc., Hyundai upped the output of its rear-wheel-drive coupe to 450 hp. The Hurricane SC (for supercharged) is the result of two years of development to enhance the power, traction, braking, exterior and interior design and the audio system.

Daimler agrees to unload remaining Chrysler stake

Daimler AG announced today that it has reached an agreement to unload its remaining 19.9 percent stake in Chrysler LLC. "Daimler's remaining 19.9 percent shareholding in Chrysler will be redeemed, and Daimler will forgive repayment of the loans extended to Chrysler, which were already written off in the 2008 financial statement," Daimler said in a prepared statement. All told, Daimler will write off $700 million as a result of the deal, according to the statement.

Ferrari posts huge profits - by building fewer cars

AP Ferrari today announced an 8% jump in trading profits to €363.5 million in 2013 - despite selling 5% fewer cars. It's all part of the supercar maker's planned reduction in supply to keep values and demand for Ferraris rock-solid, Maranello reported. Turnover and profit all surpassed previous records, despite the reduction in the number of cars built.