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Lamborghini Gallardo LP550-2 Valentino Balboni (2009)

By Ben Pulman First Official Pictures 01 July 2009 10:00 Lamborghini has unveiled the limited edition Gallardo LP550-2 Valentino Balboni, a new entry-level model, and its first rear-wheel drive supercar since the Diablo. The Italian supercar company has long promised that all its cars will resolutely remain four-wheel drive, but it’s building the two-wheel drive LP550-2 (hence the name) to celebrate its legendary test driver Valentino Balboni. Just 250 will be built.

Mitsubishi CEO pledges to stay in U.S., wants to quadruple sales

Mitsubishi Motors Corp. President Osamu Masuko says the company won't pull out of the U.S. market and that his personal mid-range sales target is 200,000 units a year, or roughly four times today's level of 50,000.

UK's emergency Budget 2010: how it affects motorists

Chancellor George Osborne will make the emergency spending cuts on Tuesday 22 June By Tim Pollard Motoring Issues 21 June 2010 09:51 The new UK Government's emergency Budget tomorrow is likely to announce a raft of spending cuts and tax rises bound to affect motorists.  The new Conservative-Liberal coalition government is taking the unusual step of holding an emergency summer Budget to reduce the national deficit, which stood at £156bn in 2009-10. The senior Cabinet members signed off the details of the Budget on Friday, but the details won't be confirmed until Tuesday 22 June 2010.Here's our preview of what to expect if you're a car owner:VAT riseMost pundits agree that the rate of value added tax will rise from today's 17.5%. If raised to 20% – the upper limit expected – it could raise an extra £11 billion a year for Government coffers.