Auto News 5

Mazda Motor Corp. said on Thursday it had increased its stake in a Chinese sales company to 40 percent from 25 percent for 49.5 million yuan ($7.26 million) in a move that would give it bigger dividends from its profitable Chinese business. Full story...

Fiat's former marketing head Luca de Meo will be a great addition to Volkswagen's senior management team, said VW CEO Martin Winterkorn. Full story...

Renault reported Wednesday a massive drop in revenues during the first quarter of 2009, but signaled that inventories were declining as scrapping incentives across Europe boosted new-car orders above levels seen during the same period in 2008. Full story...

General Motors' bondholders today presented an alternate restructuring plan for the automaker, calling for deal allowing them to control 51 percent of the reorganized company in exchange for $27 billion in debt. Full story...

Chrysler's UAW members, facing the specter of the automaker seeking bankruptcy as early as Thursday, approved contract concessions that may help the company win additional U.S. rescue loans. Full story...

Renault announced Wednesday it will add a third shift at its factory in Palencia, Spain, in June to meet strong demand for its new lower-medium Megane. Full story...

Austrian-Canadian car parts maker Magna International wants to help Opel but it is too early to say what role it will play, Magna founder Frank Stronach said in a newspaper interview on Wednesday. "We don't see ourselves as a white knight. Full story...

Bondholders today will present an alternative to General Motors' just-launched debt-for-equity exchange in a deal that would swap a 51-percent stake in a restructured company for $27 billion in debt, according to a person with knowledge of the plan. Full story...

MANHATTAN, New York, April 30 /PRNewswire/ -- Gotham Dream Cars (GDC), New York and Miami's premier "ultra-exotic" car rental company and membership car club, will hold their first-ever Legends Dream Car Tour(TM) on June 9 and 10, 2009, giving car enthusiasts the once-in-a-lifetime opportunity to drive the latest Lamborghinis alongside famed Lamborghini test driver Valentino Balboni. Full story...

HERNDON, Va., Apr 30, 2009 - Before stepping into a new car, you need to step into a dealership - an experience which has long been characterized as hectic, overwhelming, and disjointed. But what if a dealership was designed like a luxury vehicle itself, where every detail was taken into account - down to the flowers and coffee cups? The Audi commitment to progress goes beyond vehicles to redefining dealerships themselves. Full story...

IRVINE, Calif., April 30 /PRNewswire/ -- Mazda North American Operations (MNAO) is pleased to announce the appointment of Derek Jenkins to the position of Design Director, Mazda Design Americas (MDA). Full story...

The Federation internationale de l'automobile has confirmed the introduction of a budget cap in Formula 1 for 2010, and the amount has been set to £40 million (44m euros). Full story...

Auburn Hills, Mich., Apr 30, 2009 - Chrysler LLC today announced that, as a result of the comprehensive restructuring plan agreed to by many of its stakeholders, it has reached an agreement in principle to establish a global strategic alliance with Fiat SpA to form a vibrant new company. It will allow Chrysler and Fiat to fully optimize their respective manufacturing footprints and the global supplier base, while providing each with access to additional markets. Fiat powertrains and components will also be produced at Chrysler manufacturing sites. Full story...

Australian Formula 1 driver Mark Webber is surprised that Michael Schumacher's latest fall hasn't put him off motorcycle racing completely. Full story...

New teams entering the Formula 1 World Championship next year will receive financial support, and some rules have been changed to cut the costs down a little bit more. Full story...

Ron Dennis' departure appears to have contributed to the 'slap on the wrist' penalty given to McLaren by the World Motor Sport Council. Full story...

DEARBORN, Mich., April 30, 2009 - Today's announcement that Chrysler is filing for Chapter 11 bankruptcy is an important development during this unprecedented period for the auto industry and the global economy. Full story...

Another technical advantage to be enjoyed by cost-capped formula one teams next year will be double the KERS power boost. Full story...

HUNTSVILLE, Ontario -- They're calling it Touareg TDI, but could just have easily called it Touareg Take Two. Take One debuted in 2003 as a unique SUV proposition -- a full-bore mountain climber that came at no compromise to luxury, convenience or safety. Available with three stout engines (V6, V8, V10 diesel), a high-tech air-suspension system, and a host of other neat stuff, the Touareg seemed destined for upward mobility. Full story...

(TORONTO) - Canadian drivers concerned about their environmental footprint know Toyota has a proven recipe for success: Take one of North America's most popular passenger cars and make things better by boosting its environmental performance and driving comfort with the addition of cleaner, efficient hybrid power. Full story...