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Former General Motors CEO nets multimillion-dollar retirement package

Former General Motors CEO Rick Wagoner will officially punch out on Aug. 1 with a compensation package worth almost $8.6 million over the first five years. The deal is significantly lower than what he could have received; it would have been $23 million at the end of last year, Reuters reports.

2013 European Car of the Year finalists announced

The finalists for the European Car of the Year have been announced, a total of 5 finalists from a total of 34 nominees. It’s coming to the end of another year, so we’re going to be inundated with ‘Best Car of the Year’ awards for the next few weeks from all on sundry. Out of the gate today comes the final list for the European Car of the Year’ with a selection of eight cars (it was too close to call for the normal seven finalists) with the only real surprise perhaps being the inclusion of two French cars – the Renault Clio and Peugeot 208.

Audi RS Q3 set for Beijing motor show reveal

Audi has lifted the veil on a production-based concept from its quattro performance division that previews a range-topping variant of the Q3 for European markets. Called the Audi RS Q3, the go-fast version of the company's compact SUV is planned to make its public debut at next week's Beijing motor show, packing a 355-hp version of the same turbocharged, direct-injection 2.5-liter five-cylinder gasoline engine found in the TT RS, set in a stylized bay featuring carbon-fiber trim panels. With its drive channeled to all four wheels through a seven-speed S-tronic dual-clutch gearbox, the RS Q3 is claimed to hit 62 mph in 5.2 seconds and to reach a top speed of 165 mph.