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New baby Jaguar to be called XE

Jaguar has revealed its new small saloon rival to the BMW 3 Series will be called XE. The new Jaguar XE, which will be revealed this year before going on sale in 2015, will be the first all-aluminium car ever launched in the premium small saloon sector – and prices are expected to start from £30,000. Jaguar is promising a range of cars that stretch from a sub-100g/km model (something the BMW 3 Series doesn’t yet achieve) to one that can reach a top speed of 186mph (a speed that’s also faster than every 3 Series).

Audi R8 V10 sells for $500,000 at charity auction

Which would you pay more for--a V10-powered Audi R8 or the new Ferrari California? At the third annual Boca Raton Concours d'Elegance in Florida last weekend, the Audi R8--the first one in the United States equipped with the 5.2-liter V10--was the winner in a charity auction, selling for $500,000, well above the car's sticker price of $180,000. Meanwhile, the Ferrari California was snapped up for $350,000, a bit more than the $225,000 sticker price.

BMW, Toyota to jointly develop a sports car

BMW and Toyota Motor Corp. on Friday said they will develop a sports car together and cooperate in fuel cell technology, powertrain electrification and lightweight technologies. BMW CEO Norbert Reithofer and Toyota President Akio Toyoda signed an initial agreement at BMW's Munich headquarters to expand long-term strategic collaboration between the two automakers.