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Peugeot 308 with 3-Cylinder engine sets new Fuel Economy Record. Sort of.

The new Peugeot 308 managed 99.1mpg in a fuel economy run in Spain Fuel economy records are a bit like official economy figures – they have little relevance in the real world. But that doesn’t stop car makers wanting a few headlines proving just how economical their cars can be, and that’s exactly what Peugeot has done with a fuel economy run in a new 308 fitted with their new 130bhp 1.2-liter PureTech three-cylinder turbo petrol engine. But instead of running the 308 in the real world, Peugeot chose to take their car off to the Almeria circuit in Spain – under the auspices of the UTAC (Union Technique de l’Automobile, Motocycle et Cycle) – to set a new record for fuel economy and distance driven on a full tank.

Formula One: Ferrari's Montezemolo to run for Italian presidency?

Ferrari boss Luca di Montezemolo has stirred the pot in Italy with reports saying he will run for the Italian presidency in 2013, but Montezemolo himself has denied tales of his presidential ambitions. Montezemolo has made it known that he wants to see economic and structural reform in his homeland. The Italian also has repeatedly hinted at his political yearnings.

Audi RS Q3 set for Beijing motor show reveal

Audi has lifted the veil on a production-based concept from its quattro performance division that previews a range-topping variant of the Q3 for European markets. Called the Audi RS Q3, the go-fast version of the company's compact SUV is planned to make its public debut at next week's Beijing motor show, packing a 355-hp version of the same turbocharged, direct-injection 2.5-liter five-cylinder gasoline engine found in the TT RS, set in a stylized bay featuring carbon-fiber trim panels. With its drive channeled to all four wheels through a seven-speed S-tronic dual-clutch gearbox, the RS Q3 is claimed to hit 62 mph in 5.2 seconds and to reach a top speed of 165 mph.