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Ford reaches agreement to sell Volvo to Geely for $1.8 billion

Ford has reached an agreement to sell its Swedish brand Volvo to Chinese carmaker Geely for about $1.8 billion in a multinational sale expected to close in the third quarter of this year. The pending agreement was announced on Sunday morning, and Ford will continue to supply powertrains, stamping and other parts to Volvo after the sale. If it closes, the landmark deal delivers the premium Volvo brand--long a benchmark for automotive safety--to a Chinese firm that has ambitious plans for growth.

Next-gen Passat to offer hybrid and twin-turbo power

VOLKSWAGEN is going even more upmarket with the all-new version of the Passat, which is due to hit showrooms later this year. Soon buyers will be able to include a plug-in hybrid and an all-new 2.0-litre twin-turbo diesel among their forecourt options, as VW goes chasing after its sister company Audi. Weight-saving measures have chopped up to 85kg from the new kid on a like-for-like basis, which helps achieve VW's stated efficiency boosts of 20% versus equivalent outgoing Passats.

Senator pushes NHTSA to revisit Toyota accelerator issue

U.S. Sen. Chuck Grassley is pressing the National Highway Traffic Safety Administration to take another look at questions about what caused Toyota Motor Corp.