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F1 Budget Cap row over

MAx Mosley announces the budget cap row is over between the FIA and FOTA - and he's resigning. After a meeting today in Paris, the FIA has announced that it has reached agreement with FOTA to scrap the budget cap it was insisting on implementing from 2010. Quelle surprise!

One Lap of the Web: Ferrari goulash and Abarth gnocchi

-- South Korea's automotive legacy may not be as rich as, say, Czechoslovakia's, but don't tell collector Baek Joong-gil that. Not to his face, anyway. He might be behind the wheel of one of his five hundred cars, which includes such rarities as the Kia T-600 (Kia's first car, built under license from Mazda in 1963); the Cadillac Fleetwood of former president Park Chung-hee; and Korea's oldest fire truck.

Akio Toyoda waves family flag, heir makes crisis personal challenge

The reclusive Akio Toyoda is taking the rare step of waving the family flag, as the scion to Toyota Motor Corp.’s founding dynasty tries to steer the world’s largest car company out of a spiraling safety crisis. In testimony prepared for the House Oversight and Government Reform Committee, President Toyoda pursues a rare personal tack on the emergency, saying “my name is on every car.” “As you well know, I am the grandson of the founder, and all the Toyota vehicles bear my name,” Toyoda says in prepared comments circulated ahead of Wednesday’s committee hearing in Washington. “For me, when the cars are damaged, it is as though I am as well.” The intimate reflection is a departure for Toyoda, who has spent most of his career sidestepping public discussion of his lineage.