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General Motors CEO Rick Wagoner to quit, reports say

General Motors CEO Rick Wagoner is about to resign after eight years as the Obama administration prepares to decide on the automaker's request for additional government rescue loans, two people familiar with the matter said. A senior Obama administration official told NBC's John Yang that Wagoner, 56, was asked to step down by the White House. The automaker, which has lost about $82 billion since 2004, awaits word Monday from President Obama on a request for as much as $16.6 billion in additional U.S.

Porsche and Mercedes-Benz proposals for China Family Car Project explored

Today's Chinese car industry is barely recognizable from that of 20 years ago, and the country is now the biggest market in the world. But in 1994, when the industry was still in its relative infancy, the Chinese government launched the 'China Family Car Project', inviting 20 major Western carmakers to develop proposals for a five-seat, cheap and environmentally-friendly family car for the Chinese market. The chosen proposal would be made in China under a joint venture with First Auto Works (FAW).

Lexus LS (2012): the full set of new photos

Lexus has fully revealed the new LS, after last week's Facebook teaser. Two different LS models will be available again - the LS460 and LS600h - but there's now F-sport trim available for the first time, for those who want to give their LS a more sporting look. The LS will go on sale later in 2012, after its worldwide in-the-metal debut at the Moscow motor show.