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Ford reaches agreement to sell Volvo to Geely for $1.8 billion

Ford has reached an agreement to sell its Swedish brand Volvo to Chinese carmaker Geely for about $1.8 billion in a multinational sale expected to close in the third quarter of this year. The pending agreement was announced onSunday morning, and Ford will continue to supply powertrains, stamping and other parts to Volvo after the sale. If it closes, the landmark deal delivers the premium Volvo brand--long a benchmark for automotive safety--to a Chinese firm that has ambitious plans for growth.

Ssangyong Motor unveils new Design Center at Pyeongtaek plant

Ssangyong has opened a new Design Center at its Pyeongtaek plant in South Korea. The new Design Center, which took 13 months to complete, has been opened to further integrate research and development into the company during the production process with the aim of "enabling synergies in diverse fields throughout the development process". Ssangyong designers will now be working in a facility spanning around 8,700 square meters compared to their previous building of just over 6,000 square meters in Anseong.

Corvette ZR1 (2008): first official pictures

By Ben Oliver First Official Pictures 13 January 2008 21:56 General Motors has unveiled its fastest, most powerful production model ever. Official figures have yet to be released but insiders say the Corvette ZR1 is likely to top 200mph and crack 60mph in a little over 3 seconds. Its new supercharged, 6.2-litre LS9 V8 makes 620bhp and 595lb ft of torque, which GM claims gives the ZR1 a better power-to-weight ratio than the Ferrari 599, Porsche 911 GT2 and Lamborghini Murcielago LP640.