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Chevy to sponsor 2011 Woodward Dream Cruise

UPDATED: One of the most iconic American brands has signed on to present one of America's greatest celebrations of sheetmetal. Chevrolet and Detroit's Woodward Dream Cruise announced on Thursday afternoon a sponsorship agreement expected to run for at least three years, starting this summer. The deal is for more than $1 million and covers support services, cleanup and police.

Daimler takes 10 percent stake in EV maker Tesla

Daimler AG has acquired an equity stake of nearly 10 percent of California electric car maker Tesla Motors Inc., the German automaker said Tuesday. The two companies have been working together to integrate Tesla's lithium-ion battery packs and charging electronics into the first 1,000 units of Daimler's electric Smart car. Daimler said its stake in Tesla will allow the companies to collaborate even more closely on the development of battery systems, electric drive systems and in individual vehicle projects.

Lingenfelter Performance muscles up its own Trans Am

Lingenfelter Performance Engineering is reviving a name from the growing list of dead car companies, building a reimagined, 2010 Chevrolet Camaro-based Trans Am for the PlayStation generation. Ken Lingenfelter and his Decatur, Ind., team redesigned almost every panel of the Camaro, leaving only the doors and the roof intact. They parked a 1971 Pontiac Trans Am alongside the donor car for inspiration.