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News watch Jan 2012: today's auto industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour Tuesday 31 January 2012• Two Japanese car parts suppliers have been fined a staggering $548m for price fixing offences following an FBI investigation. Yazaki Corp.

Ferrari chief Montezemolo balances growth, exclusivity

On the morning of the day he celebrated 20 years as head of Ferrari, Luca Cordero di Montezemolo says his first thought was about the future, not the past. He pondered what the world's most famous sports-car maker would look like in 2020. "I have not come up with a comprehensive idea yet," said Montezemolo in an interview at his office in Maranello, 11 miles south of Modena in central Italy.

Caterham Sevens reimagined as classic F1 cars

You could never really call the Caterham Seven modern – its look has remained fundamentally unchanged since the original Lotus Seven (the car Caterham would eventually buy the rights to build) launched back in 1957. Today, the engine is still in the front, those delightfully exposed front wheels still float over bumps and the frog-eyed headlights serve as a reminder of years gone by. And now the modern Seven has been taken right back to the period where it was first conceived, with these Grand Prix-style racers from Zolland Design.