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Chrysler's main creditors reach deal with U.S.; others hold out

The U.S. Treasury Department has reached a tentative debt-reduction agreement with Chrysler's main creditors but still must get other lenders to sign on for the deal to take effect, three people with knowledge of the talks said today. The accord with JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley would reduce Chrysler's $6.9 billion debt to $2 billion, which would be repaid by Chrysler in cash, they said.

GM China opens Advanced Design Center in Shanghai

General Motors China has opened a new advanced design studio as part of the establishment of its Advanced Technical Center in Shanghai. The Advanced Design Center will provide GM China's designers the tools to explore future mobility solutions and technology integration on a local and global scale. "Our new Advanced Design Center in Shanghai is part of the GM Global Design Center network, which webs from California to Germany to India and Korea and points beyond," said Wulin Gaowa, design director of the GM China Advanced Design Center.

Audi S1 becomes Audi A1 1.4 TFSI

The Audi S1 becomes the Audi A1 1.4 TFSI Audi let it leak they were working on making a hot version of the Audi A1, and we fully expected that the Audi S1 would turn up at the Paris Motor Show. So when we heard that Audi had confirmed – but without detail – that the Audi S1 would be at Paris everything made sense, apart from the lack of detail. But now we know why we got no detail – Audi has backtracked on the S1 and has instead planted the oily bits from the Polo GTI in to an A1 and Christened it the Audi A1 1.4 TFSI.