Three successful Porsche premieres

 Cars and Motorcycles  No Responses »
Mar 282010
 

Stuttgart. A successful weekend for Porsche at the season-opener of the Nürburgring Long Distance Championship: At its race premiere, the new Porsche 911 GT3 R claimed victory, the innovative 911 GT3 R Hybrid debuted with sixth place and Walter Röhrl made his much celebrated comeback after 17 years.

Timo Bernhard (Germany), Marc Lieb (Germany) and Marcel Tiemann (Monaco) are the winners of the first race of the season on the Nürburgring-Nordschleife. With the new, 480 hp Porsche 911 GT3 R fielded by the Manthey Racing team, the trio drove a trouble-free race. “It is extraordinary to climb to the top of the podium at the first race ever of a new race car,” said a pleased Bernhard. His works driver teammate Lieb added: “It seems the new 911 GT3 R has inherited the reliability of all racing 911.” With 14.5 and 3.6 seconds respectively, the three Porsche pilots relegated the best Audi RS and the BMW M3 to finish second and third.

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FORD REACHES AGREEMENT TO SELL VOLVO CARS AND RELATED ASSETS TO GEELY; SALE EXPECTED TO CLOSE IN THIRD QUARTER

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Mar 282010
 

DEARBORN, Mich., 28, 2010 – Ford Motor Company [NYSE: F] today announced it has entered into a definitive agreement to sell Volvo Car Corporation and related assets to Zhejiang Geely Holding Group Company Limited.
The sale is expected to close in the third quarter of 2010, and is subject to customary closing conditions, including receipt of applicable regulatory approvals.

The purchase price for Volvo Cars and related assets (primarily intellectual property) is $1.8 billion (U.S.), which will be paid in the form of a note in the amount of $200 million (U.S.), and the remainder in cash. The cash portion of the purchase price will be adjusted at close for customary purchase price adjustments relating to pension deficits, debt, cash and working capital, the net effect of which could be a significant decrease in the cash proceeds to Ford.

“Volvo is a great brand with an excellent product lineup. This agreement provides a solid foundation for Volvo to continue to build its business under Geely’s ownership,” said Alan Mulally, Ford’s president and CEO. “At the same time, the sale of Volvo will allow us to further sharpen our focus on building the Ford brand around the world and continue to deliver on our One Ford plan serving our customers with the very best cars and trucks in the world.”

Ford will continue to cooperate with Volvo Cars in several areas after the sale has been completed in order to ensure a smooth transition, but will not retain any ownership in the Volvo Cars business.

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Chevrolet Cruze Eco: Hybrid-Like Fuel Efficiency Without The Price Tag

 Cars and Motorcycles  No Responses »
Mar 282010
 

o Cruze Eco delivers an estimated segment-leading 40 mpg on the highway
o Optional RS appearance package for Cruze LT and LTZ trim levels

NEW YORK – At the New York Auto Show, Chevrolet reveals the compact 2011 Cruze Eco. This high-efficiency model is powered by a 1.4L Ecotec turbocharged engine with variable valve timing that achieves an estimated 40 mpg on the highway when combined with a six-speed manual transmission. Cruze Eco is expected to deliver the best fuel economy in the compact segment, while offering midsize car presence.

“The Cruze Eco delivers hybrid-like efficiency without the price tag,” said Jim Campbell, U.S. vice president Chevrolet marketing. “Along with the Volt electric vehicle, it demonstrates how Chevrolet is working to bring new products to market that range from gas-friendly to gas-free.”

Chevrolet also shows an optional RS sport appearance package for the Cruze LT and LTZ trim levels.

Cruze is the first in a family of all-new Chevrolet small and compact cars designed to offer excellent fuel economy, outstanding quality and top safety ratings. Cruze models for the United States and Canada will be produced at the Lordstown, Ohio assembly complex. In February, Chevrolet announced the addition of a third shift at Lordstown that will add 1,200 workers to support a smooth, fast and flawless ramp-up of Cruze production. More than $350 million has been invested to re-tool the plant and add new, state-of-the-art manufacturing equipment.

“This investment helps secure the best possible manufacturing footprint to react to market demand and deliver vehicles faster to our customers,” said Campbell. “We believe Cruze is the right car at the right time for American consumers.”

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