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Jaguar-Land Rover officially sold (2008)

By Ben Pulman Motor Industry 02 June 2008 15:37 Jaguar and Land Rover are now officially Indian-owned. The sale of the two iconic British brands was completed today, and ownership has now passed from Ford to Tata in exchange for $2.3bn in cash (£1.17bn). The sale means Jag/LR is debt-free, with none of the money used to fund the purchase being offset against the pair’s worth.

Wet n' Wild Woodward

Rain-soaked Woodward Avenue welcomed thousands of cruisers and car enthusiasts for the 16th annual Dream Cruise on a wet Saturday just north of Detroit. Though the weather didn't cooperate for much of the day with rain ranging from a mist to steady showers, it failed to dampen the spirits of car fans for all over. As usual, Mustangs, Corvettes and Challengers took center stage on the iconic strip, which plays host to the yearly summer celebration of chrome and fins.

Fisker Automotive lays off some workers as government reworks loan

Work on the Fisker Nina family sedan has temporarily halted at the Fisker Automotive plant in Wilmington, Del., while the carmaker and the federal government hash out details of the company's $529 million Department of Energy loan. The interruption has resulted in the layoff of 26 people at its Delaware plant and a number of contract engineers at Fisker's Anaheim, Calif., headquarters. Fisker Automotive said some of the engineering-staff reductions in Anaheim were already planned to occur in between development of the Karma and the Nina.