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McLaren F1 sells for $8.47 million at Gooding & Co’s Pebble Beach Auction

McLaren F1 chassis #66 (pictured) has sold for $8.47 million There’s been an inexorable rise in the price of classic cars in recent years as rich men realise that certain classic cars not only have huge appeal, but appear to be going only one way in price. Add to that – certainly in the UK – that any profits made on the sale of a classic car you’ve bought for your own enjoyment are tax free, and it’s no shock that values keep rising, and the rarer the car the more they rise. So with only 64 road cars made, the McLaren F1 can be considered a sound investment, with values rising since it first sold in the 1990s for around £640,000 to a new world record auction price set last night of £8.47 million (around £5.42m).

Local Motors 'Design Our Car' competition opens

Local Motors has opened its first-ever ‘Design Our Car' competition, which encourages collaboration within the manufacturing community. The open-source automaker is providing two of its Rally Fighter cars, one of which will be built at the company's micro-factory in Arizona while the other will be built live in the Emerging Technology Center at September's International Manufacturing Technology Show (IMTS) in Chicago. Ideas from the design and engineering community are being sought to help design and select a skin for the Rally Fighter that will be built by the Local Motors team this spring.

Explosion at GM Tech Center; lithium battery is the suspected cause

According to WWJ CBS Detroit, there was an explosion at the General Motors Tech Center in Warren, Mich., on Wednesday morning. Deputy Fire Chief Gary Wilkinson said the explosion most likely was related to a lithium battery. Wilkinson told Autoweek that a responder notified the HAZMAT team via radio that the explosion involved lithium batteries in the research facility's Alternative Energy Center.