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GM shifts gears, will keep Opel

General Motors' board of directors has decided that it will keep the Opel business and restructure it, putting an end to plans to sell the European operations to auto supplier Magna International. GM said it expects the restructuring of Opel to cost $4.42 billion (3 million euros), which it says is lower than the costs associated with outside bids for the company. GM said it will soon present its restructuring plans for Opel to the German government and other governments in Europe.

GM technology chief Tom Stephens to retire

Tom Stephens, GM's vice chairman, chief technology officer and former head of global product operations, will retire on April 1 after a 43-year career with the automaker. His successor will be named later, GM said Sunday. Stephens, 63, has served as GM's chief technology officer--a new position--since Feb.

Ford offers $1m of design scholarships in memory of William Clay Ford

Ford Motor Company has put aside $1million to be awarded in automotive design scholarships over the next 20 years in order to commemorate the life of William Clay Ford who passed away on Sunday. The Ford Fund will release $10,000 each to five college sophomores or juniors per year who are following a career in car design. William Clay Ford was the last surviving grandchild of company founder Henry Ford and design was his lifelong passion.