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Daimler Agrees to Give Up its 19.9% Stake in Chrysler
Mercedes-Benz's parent company Daimler has reached an agreement with Cerberus to let go of its remaining 19.9% stake in Chrysler LLC and write off a $1.5 billion loan that went to the American automaker in 2007. The new agreement will help Chrysler LLC's partnership talks with the Fiat Group as it clears out the ownership problems. However, Cerberus is in a tight race with time as the U.S. government imposed deadline for the firm's restructure is April 30.
Under the new agreement between the two parties, Daimler agreed to pay US $200 million into Chrysler's pension plans for the next two years while the existing pension guaranty of US $1 billion 'vis–vis' the PBGC will be reduced to an amount of US $200 million and will remain in place until August 2012.
Rolls Royce Ghost Premieres at the Concorso d'Eleganza
The recently baptized Rolls Royce Ghost made its debut at the Concorso d'Eleganza gathering at Lake Como, Italy. The above photo comes courtesy of the folks over at German car magazine Auto Motor und Sport that claim in their article that is the 'series version' of the 200EX concept. From our part, aside from the never before seen exterior color, we couldn't spot any differences between the 200EX and the Ghost. Then again, the Geneva Show 200EX concept wasn't much of a concept so go figure.
In any case, Rolls Royce's new “entry-level” luxury sedan that features a new 6.6-liter turbocharged V12 engine sending over 507 horsepower to the rear wheels through an 8-speed automatic transmission will go on sale in the beginning of 2010.
Koenigseder Aero-Tunes the Porsche Carrera GT
The most exclusive Porsche of the past decade or so may have gone out of production in 2006, but the tuning industry isn't about to let go that easily. Austrian tuning house Koenigseder has just presented its new performance package for the Porsche Carrera GT that consists of a full bodykit, alloy wheels and a more sonorous exhaust system for the 612-horsepower strong 5.7-liter V10 engine that has been left intact.
Included in the aero kit are a newly designed front bumper that kind of reminds us of the Lamborghini Reventon, a new rear bumper with a larger diffuser and extra air vents, an awkward looking, giga-sizes fixed rear wing that puts to rest the factory pop-up spoiler, chunkier side skirts and a newly styled removable roof panel.
2009 Bodensee Show Miss Tuning Finalists
We know what some of you are thinking, but we solemnly swear that this post is a hundred percent automotive related. For those of you that haven't already skipped this part after taking a glimpse of the word 'Miss' in the title, the organizers of the annual 'Tuning World Bodensee' have announced the 20 finalists of the new Miss Tuning calendar that will be produced on the British Virgin Islands in the Caribbean.
The twenty gals you see pictured below will be competing for the '2009 Miss Tuning' crown. The winner, which will receive a brand-new Seat Ibiza and a Microsot Xbox 360 for a year -easy come, easy go…- will be announced at the 'Tuning World Bodensee' that takes place in Germany from April 30 to May 5 and is considered as one of the biggest and most important tuning shows in Europe.
Alpina Kitted BMW 850i Convertible found on eBay
It seems like custom made BMW 8-Series Convertibles are twice as much as popular than we initially thought as this is the… second time in a few months that we've found such a model being offered for sale on eBay. This particular 1991 850i that has been accessorized with Alpina parts is located in California and has a 'Buy it Now' price of $32,000. If you want our opinion, with that kind of money we'd go for a pristine late 1990s example of the 8-Series -preferably a V8 model to keep running costs down- with its tin-top and its dignity, intact.
Link: eBay
New Toyota Verso MPV Priced from ?16,750 in the UK
The all-new, third-generation Toyota Verso goes on sale this week in the U.K. with prices ranging from ?16,750 for the entry-level 1.8-liter T2 model to ?20,675 for the flagship 2.0 D-4D T Sprint version. In Britain, Toyota's compact seven-seater minivan is offered with two engine options, a 1.8-liter petrol with 145HP and a 126HP 2.0-liter D-4D diesel while a 150HP 2.2-liter D-CAT diesel will join the range later this year.
Buyers can also choose from three different trim levels, with the basic T2 offering five airbags (including curtain airbags protecting all three rows of seats), air conditioning, four-speaker audio with steering wheel-mounted controls, Easy Flat-7 folding rear seats, electrically adjustable heated door mirrors and electric front windows as standard.
The TR grade adds Bluetooth, an Aux-in socket for connecting personal music players, additional driver and front passenger side airbags, leather steering wheel and gear knob trim, electric rear windows,… Read the rest of this entry
REPORT: Chrysler planning second Fiat-based compact sports sedan
For Chrysler, the cornerstone of its proposed alliance with Fiat is for the Italian automaker to supply its domestic partner with smaller, more fuel efficient platforms and drivetrains. It's been assumed that the Fiat 500 would be one of the vehicles Chrysler plans to market in the U.S., but according to a the Wall Street Journal, it may have more than a subcompact up its sleeve.
According to the report, Chrysler showed its (troubled) dealers the automaker's future products today in Auburn Hills, Michigan, and along with the all-new 2011 Jeep Grand Cherokee and a revised Chrysler 300, a “sporty little sedan” produced by Fiat was in attendance.
Chrysler's head of design, Ralph Gilles, told dealers that the automaker intends to have its own version of the car, with Fiat providing the chassis and Chrysler designing the exterior.
Although the WSJ's source didn't specify which Fiat was shown,… Read the rest of this entry
Autoblog spends a day at the 22nd Annual Seal Beach Classic Car Show
We love spring for a multitude of reasons, but mainly for the car shows that start popping up around the country. The sun comes out and so do the classic cars, hot rods and muscle cars. This weekend we stopped by the 22nd Annual Classic Car Show in Seal Beach, California along with about 25,000 other folks. The show features around 500 cars, stretching from PCH to the pier right down the heart of Main Street.
The day includes a pancake breakfast, a running of the local pinewood derby, and a whole lotta' fun. Besides the bands that show up to play everything from swing to rock-and-roll, there were also the sounds of the cars themselves during the periodic cacklefest moments of the day. That's when the show participants are encouraged to start 'em up and stomp the loud pedal. It's quite an earful, especially if you happen… Read the rest of this entry
Daimler agrees to give up remaining stake in Chrysler
Hot on the heels of the Chrysler’s tentative deal with the UAW to cut the automaker’s VEBA obligations, Daimler AG has announced it’s finally reached an agreement to unload its remaining stake in Chrysler. According to Daimler’s release, the company’s 19.9% stake in Chrysler will be redeemed and Daimler write off a $1.5 billion loan which will help (if it can) avoid putting Chrysler into bankruptcy and facilitate the automaker’s deal with Fiat. The agreement is likely to reduce Daimler’s second-quarter earnings (before interest and taxes) by around $700 million, however, the German giant had already written down its stake in Chrysler last year. The agreement also includes Daimler paying $200 million into Chrysler’s pension plans once the agreements are definitive, and another $200 million each year until 2011. All the gritty details are available in the press release below the fold.
[Image: Bill Pugliano/Getty]
PRESS RELEASE
US-Dollar… Read the rest of this entry
Re-Spec Yourself: Porsche Panamera configurator appears
With the launch of the Porsche Panamera configurator, you can finally build the sedan from Stuttgart to your own specs. Starting with an untouched 500 hp, $132,600 Turbo model that scoots to sixty in just four seconds, we came up with the $181,170 Mahogany Metallic example above. Even though we left a great many options unchecked and some imaginary money in our imaginary wallet, we're sure it will still perform impressively. Sadly, though, there was no button marked “Make the backside pretty.” Hat tip to Evan.
Gallery:Porsche Panamera Tech Briefing and First Ride
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