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Karmann files for insolvency

Karmann, the century-old German coachbuilder synonymous with cabrios and the famous 1950s Karmann Ghia, has filed for insolvency. The company made the move Wednesday in Germany in response to a dramatic decline in revenue, an inability to pay for its massive layoff plan and the worldwide economic crisis. The North American operations, which make convertible tops for Detroit car companies and Volkswagen, are not affected, a spokesman said.

Ford increases UK Car Prices

Ford is to increase UK Car prices by an average of 3.75% as a result of the weak pound You can’t blame Ford – it has to make a living, and things are tough enough for car makers at the moment without suffering at the hands of unstable currencies. Ford reckons that the movement in the Pound against the Euro in the last yaer or so has cost it nine figures on its UK income. Big money, no question.

And the European Car of the Year 2010 is...

Newsflash: VW's Polo has won the European Car of the Year gong, it was announced today in Madrid. It beat 33 contenders, including six other finalists to the top motoring prize in Europe.The Polo narrowly won with 347 points, putting to rights its trophy-free record in Car of the Year. The runner-up was the innovative Toyota iQ, 10 points behind with 337 points.