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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.

Chrysler to build ZF's eight-speed transmission in Indiana

The Chrysler Group plans to spend $300 million to build a new eight-speed automatic transmission licensed from ZF Group, a transmission maker headquartered in Friedrichshafen, Germany. The investment will pay for installation of special tooling and equipment at Chrysler's Transmission Plant 1 and Kokomo Casting Plant in Indiana and help retain 1,200 jobs there, Chrysler said Wednesday. Production will start in 2013.

Opel to show range-extending hybrid at Geneva motor show

Opel, General Motors' European unit, will unveil its vehicle that uses the range-extending powertrain first shown in the Chevrolet Volt, at the Geneva motor show in March. On Monday, Opel said that the car will be named Ampera. The Ampera will have four seats and five doors.