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Pininfarina family to lose control of company

The Pininfarina family is set to lose its controlling share stake in the company as it takes a step closer to restructuring its €76 million net debt. The Italian design firm, founded in 1930, has been plagued with debt in recent years, shutting its manufacturing branch in 2011 to concentrate purely on design, ending a joint venture with Volvo that saw the company assemble Volvo's C70. The move is seen as a positive one for the company in the long-term, making it more financially secure for future developments, but it also means that the Pininfarina family will lose control of the company by selling its 77 percent share.

Hyundai to launch N high-performance brand in partnership with WRC team

Microsoft Hyundai today announced it will launch a new high-performance N brand to rival go-faster versions from German manufacturers. Future Hyundai N models will be low-volume sporting derivatives, inspired by the new i20 WRC rally car which will launch at the Monte Carlo race in January 2014. The N badge is designed to cement the link with Hyundai's Namyang R&D centre in Korea, which helped develop the i20 WRC in record time - the team was only founded 12 months ago.

Bankruptcy will delay Chrysler's 2010 model launches, exec says

Chrysler LLC will be late getting its 2010 vehicles to market because of the automaker's Chapter 11 bankruptcy filing, Chrysler manufacturing chief Frank Ewasyshyn testified today. The current shutdown of plants and stresses on suppliers also threaten to delay the 2011 models next year, Ewasyshyn said. The changeover to 2010 models is delayed while Chrysler tries to emerge from bankruptcy within the next 30 to 60 days, he said.