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Petrol sales hit record low in July

FEARS of a 4p-a-litre rise in prices at the pumps sent petrol sales crashing to an all-time July low. The rise turned out to be only 1.5p a litre but it led to July petrol consumption dipping to 1.44 billion litres, down nearly 100 million litres on June, according to Government figures highlighted by the AA. The AA said petrol retailers and others had predicted that the UK's average cost of petrol would rise by up to 4p a litre in July.

Volkswagen to buy 42 percent of Porsche, full merger planned

Volkswagen will buy 42 percent of Porsche's sports-car business en route to a full merger by the end of 2011, the companies announced Thursday. VW will pay $4.7 billion for its initial stake in Porsche. It positions the new company to have 10 brands and global sales of 6.4 million, and Volkswagen CEO Martin Winterkorn is likely to lead the entity.

Mercedes confirms SLK55 AMG’s new 5.5 V8

Mercedes has announced details of the new eight-cylinder engine that will power the upcoming SLK55 AMG. It’s a 5.5-litre lump, and AMG promises that its new naturally aspirated engine delivers not just the performance of a V8, but also the ‘economical fuel consumption of a four-cylinder’. How much power can we expect from the new SLK55 AMG’s engine?