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U.S. will honor clunker rebates until Senate acts, DOT chief says

The Obama administration will fund the cash for clunkers program until the Senate decides whether to add $2 billion to the original $1 billion fund that is likely to be depleted this weekend, U.S. Transportation Secretary Ray LaHood said today. He said the administration would honor dealer rebate applications filed at least through Tuesday, Aug.

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 onSunday 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.

McLaren P1 goes round Top Gear Track with Sergio Perez (video)

We have video of the new McLaren P1 taking on the Top Gear track at Dunsfold in the hands of McLaren’s F1 driver Sergio Perez. We reported from Geneva that Ron Dennis has declared he put the new McLaren P1 round Top Gear’s Dunsfold track a full 10 seconds quicker than the contentious Top Gear lap time set by the Pagani Huayra. So when McLaren sent us a video that declared their new F1 driver, Sergio Perez, had taken the P1 round Dunsfold – and here is the video – we though we might get a proper insight in to just how quick the P1 is.