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The future for Renault in F1 in 2011 and beyond

Renault today announces its new sporting division, Renault SportF1. Renault SportF1 will monopolise 25% of the grid by supply three teams engines and technology for 2011. Renault Sport F1 was formed after Renault decided to sell its minority stake in the Renault F1 team to Genii Capita who they will continue to provide technical and engineering expertise to.

Ferrari 250 GTO #3851 GT disappoints at $38 million

The Ferrari 250 GTO #3851 GT makes ‘just’ $38 million Last month, we reported that a Ferrari 250 GTO was due to hit the auction room at Bonhams Quail Lodge sale and was expected to hit a massive record price, with estimates ranging from $60-100 million. On that basis, the sale was a complete failure. In fact, the 250 GTO – previously owned by Fabrizio Violati – managed to reach a relatively paltry $38.1 million (£22.8 million), with the actual price (before buyers premium) ‘just’ $34.6 million (£20.7 million).

IDEA Institute acquired by Quantum Kapital

Turin-based automotive design, modeling and engineering firm IDEA (Institute of Development in Automotive Engineering) has been sold to Quantum Kapital AG, an investment company with an industrial emphasis based in St. Gall, Switzerland. The transaction is expected to be completed in the next few weeks.