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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 on Sunday 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.

Top-Selling Fiesta Earns Best Used Car Award From CAP

THE FORD Fiesta, Britain’s best-selling car, has been declared Used Car of the Year 2012 by car valuation experts CAP. Top of CAP’s criteria when choosing its Used Car of the Year were affordability, practicality, reputation and popularity in the used car market. Commenting on its decision, Mark Norman, of CAP, said: “It is always tempting for the motoring media and other industry observers to take ‘the petrol head’ approach when giving awards to cars which excite them, but the CAP Used Car of the Year Award recognises the contribution a car makes to both consumers and dealers.” Ford’s Fiesta continues to top the UK sales charts and the range is being further strengthened by the arrival of new models featuring class-leading fuel economy from six powertrains with CO2 emissions under 100g/km, as well as innovative new driver assistance and safety features.

Belgian Grand Prix (2012) RESULT

With a resurgent Jenson Button on pole for the Belgian Grand Prix, will Spa see McLaren back in charge? Jenson Button and his McLaren were in perfect harmony in qualifying for the 2012 Belgian Grand Prix at Spa with button claiming his first pole for McLaren, and his first in three years. That promise looked good as Button left the line cleanly ahead of the pack, but then behind him there was carnage as Grosjean in the Lotus moved across straight in to the side of Hamilton, also taking out Alonso, Kobayashi and Perez, and forcing a restart to the race.