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Going, going, gone: Ford sells Volvo to Geely

Little more than a year ago, the name Geely would happily slip under the radar of most. Today, the Chinese company completed its purchase of Volvo from Ford. Geely stumped up a $1.3 billion in cash for the Swedish brand and issued a $200m note.

Kia and NBA extend their marketing ties through the 2011-12 season

Kia Motors America signed a two-year extension of its sponsorship deal with the National Basketball Association through the league's 2011-2012 season. The deal also expands Kia's sponsorship of the NBA to make the brand the official automotive partner of NBA All-Star events and the NBA Cares charity. Kia will also be the title sponsor of the NBA All-Star MVP award, given to the most valuable player during the league's all-star game, Kia and the NBA said in a statement.

Baby Jag Gets A Name

LUXURY car maker Jaguar has released a teaser picture of its next new model, in advance of a full reveal later this year. Positioned below the firm's mid-size XF, the new XE is expected to do battle with the likes of BMW's 3 Series, Audi's A4 and Mercedes' C-Class. Industry experts are predicting a sub £30,000 entry price for the XE, which will be powered by a new range of Jaguar designed and built engines.