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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.

Volkswagen and BYD get cosy

VW and BYD have signed an agreement to work together on developing battery technology (BYD F3DM plug-in Hybrid pictured). Volkswagen has announced that it has signed a Memorandum of Understanding with Chinese car maker and EV specialist BYD to work together “in the area of electric mobility”. Seems sensible.

Audi A1 by Damien Hirst (2010): first official picture

British artist Damien Hirst has helped Audi produce this art car: an Audi A1, which sold for €420,000 (£350,000) at a charity raffle. The Audi A1 Damien Hurst was shown at pop star Elton John’s White Tie and Tiara Ball and the money raised goes to his AIDS foundation. ‘That’s the most exciting object we’ve ever had on auction at the White Tie,’ said Sir Elton.