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Chrysler sold in £3.76 billion deal

By Ben Whitworth Motor Industry 17 May 2007 09:38 Chrysler has been sold. In one of the biggest private equity deals seen in the automotive industry, Cerberus Capital Management has purchased 80.1% of Chrysler in a £3.76billion deal, leaving DaimlerChrysler with the remaining 19.9% stake in the loss-making company. The move marks the close of arguably the most high-profile transatlantic merger and shuts the door on Canadian car assembly giant Magna and billionaire Kirk Kerkorian, who last month offered £2.27billion for Chrysler.

London's GPS-based speed-limit trial puts Big Brother's foot on the gas pedal

A fleet of 12 Toyota Priuses in London have been fitted with GPS-linked speed limiters to measure how drivers respond to having their speed controlled by a computer rather than their own feet. For now, the trial is local to London, run by Transport for London, the agency that manages the city's roads, buses, subways and trains. The agency is using its own fleet of Priuses for the test and will add a bus and a taxi later this year.

Chevrolet Volt chief leaves GM

A key driver of the Chevrolet Volt project is defecting to start his own consulting firm, according to published reports. Volt chief Bob Kruse, 50, has left General Motors. He's been replaced by GM engineering veteran Micky Bly, who has also been involved with development of the Volt.