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Toyota recalls Corolla, Lexus IS models

On Wednesday, Toyota said it is recalling 752,000 Corolla and Corolla Matrix vehicles from the 2003 and 2004 model years, and about 270,000 Lexus IS vehicles built between 2006 and 2012. The Corolla and Corolla Matrix may be susceptible to an electrical short that could cause the frontal airbag and front seatbelt pre-tensioners to inadvertently deploy, according to Toyota. The Lexus IS faces a problem with windshield wipers that are not sufficiently secured and may not operate properly when weighted down by heavy snow.

Ford reaches agreement to sell Volvo to Geely for $1.8 billion

Ford has reached an agreement to sell its Swedish brand Volvo to Chinese carmaker Geely for about $1.8 billion in a multinational sale expected to close in the third quarter of this year. The pending agreement was announced onSunday morning, and Ford will continue to supply powertrains, stamping and other parts to Volvo after the sale. If it closes, the landmark deal delivers the premium Volvo brand--long a benchmark for automotive safety--to a Chinese firm that has ambitious plans for growth.

Chevrolet Corvette Stingray (2013) first official pictures

This is the new C7-generation Chevrolet Corvette. It's the fist 'Vette to wear the classic Stingray badge for three-and-a-half decades, but not much else is retro about the new coupe. Out go the rounded taillights and glassy rear hatch of bygone models, and in comes a sharp new look with hints of Nissan GT-R, Ferrari F12 and Camaro about it.