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BMW i3 caught testing in New York

BMW has been hyping its futuristic i lineup for years now, but the long lead time doesn't mean that the highly efficient, carbon-fiber-based vehicles are vaporware. Earlier this month, we test drove pre-production versions of the i3 and i8, and last week, Autoweek reader Frank Cogliano spied the former vehicle on the road. Cogliano caught this wrapped i3 near Stony Point, New York -- about 30 minutes from BMW's New Jersey headquarters.

GM posts $6 billion loss, burns $10.2 billion in cash as sales fall

General Motors, facing a June 1 U.S. restructuring deadline to avoid bankruptcy, posted a $6 billion net loss in the first quarter and burned through $10.2 billion in cash as global auto sales plunged. GM had $11.6 in cash reserves on March 31, down from $14.2 billion at the end of the fourth quarter.

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 on Sunday 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.