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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.

JLR announces £16.3m Evoque_e research project

Jaguar Land Rover has announced it will invest £16.3 million into an ‘Advanced Powertrain Research Project’ – which could lead to an electric Evoque_e version of its small SUV. Jaguar Land Rover will work in conjunction with British technology company and race car manufacturer Zytek Automotive to develop new hybrid and battery-electric vehicle technology. On Bing: see pictures of the Range Rover Evoque Find out how much a used Range Rover Evoque costs on Auto Trader Although the collaborative research project has been named ‘Evoque_e’, neither organisation has yet confirmed if an alternatively-fuelled Evoque off-roader is in the pipeline.

UK car sales slump as credit crunch bites

By Nigel Wonnacott Motor Industry 07 July 2008 13:18 It’s finally happened. The new car market has succumbed to the economic slowdown and punters are staying away from showrooms in droves. Latest figures from industry trade body the SMMT showed an 11.9 percent fall in private sales in June 2008 to 83,425 cars.