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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.

Bombardier YouCity design competition launched

Bombardier is sponsoring the YouCity Innovation Competition, seeking design concepts for 'the future of urban mobility'. The online competition, open to design students and professionals, focuses on the evolution of mobility in fast-growing urban areas. With more than two thirds of the world's population expected to live in cities by 2050, the issue of transportation is one that the organizers feel needs to be addressed sooner rather than later.  Bombardier has selected three cities that represent the different markets for urban mobility around the world: London, UK (mature market), Belo Horizonte, Brazil (BRIC market) and Vientiane, Laos (emerging market).

Koenigsegg: Men in a shed in Sweden – the video

DRIVEN has had access to Christian von Koenigsegg and the Koenigsegg factory in Sweden for this 30 minute long look at all things Koenigsegg. We tend to refer to Koenigsegg as men in a shed in Sweden, which might sound disparaging – but it isn’t. It’s a big doff of the cap to an operation which, by any normal standards in the car world, is so small it couldn’t possibly do anything really innovative and ground breaking.