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Karmann files for insolvency

Karmann, the century-old German coachbuilder synonymous with cabrios and the famous 1950s Karmann Ghia, has filed for insolvency. The company made the move Wednesday in Germany in response to a dramatic decline in revenue, an inability to pay for its massive layoff plan and the worldwide economic crisis. The North American operations, which make convertible tops for Detroit car companies and Volkswagen, are not affected, a spokesman said.

2012 Ferrari California now on video

2012 Ferrari California on video The 2012 Ferrari California is a facelifted and tweaked version of the original California, revealed at the Geneva Motor Show and now on Video. It wouldn’t be a big surprise if the facelift for the Ferrari California had passed you by. Ferrari revealed details of the 2012 facelift for the California in February and debuted it at the Geneva Motor Show in March, but with the new Ferrari F12 bowing in at Geneva the tweaks to the California took a distinct back seat.

£10 million cash boost for Lotus

Business secretary Vince Cable has visited Lotus’ Norfolk headquarters today, where he announced the company would be awarded £10.44 million from the Regional Growth Fund. The money will be used for research and development of products, as well as staff training. The sports car company expects to create 313 full time jobs to support production over the coming years.