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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.

Porsche reveals extreme 911 GT2 RS

WITH VIDEO-- Porsche has revealed its most powerful and arguably most extreme road-going 911 to date: the GT2 RS. The new rear-wheel-drive road rocket will debut publicly at the Moscow auto show in late August and will go on sale in the United States in October. Sticker price: $245,000.

Ford burns through $5.5 billion in 4th quarter as losses mount

Ford Motor Co., the only U.S. automaker operating without federal loans, burned through $5.5 billion in cash during the final three months of 2008 as losses mounted. Ford finished the year with cash reserves of $13.4 billion.