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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.

British EV prototype competes for $10m prize

A Silverstone-based company has emerged as the only British (and European) contender for the $10m Automotive X-Prize, a competition to find the most environmentally friendly car on the planet. Delta Motorsport’s E-4 Coupe concept has been accepted into the next stage of the X-Prize competition and the company now has to prepare a fully functioning prototype. Backed by an American insurance company, the X-Prize was set up to 'inspire a new generation of viable, super-efficient vehicles that help break our addiction to oil and stem the effects of climate change'.

A look at Lexus future products

Lexus is reworking its sedan lineup as part of an effort to vault past Mercedes-Benz and BMW and retake the luxury sales lead. It also aims to add sparkle to the lineup with a coupe based on the wild LF-LC concept and possibly a coupe derived from the GS. The lineup also is likely to expand to include a smaller five-passenger crossover.