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Mitsubishi closes California design studio

Mitsubishi Motors Corp. closed its design studio in Cypress, CA last Thursday – just one month shy of its 25th anniversary. A result of the recent downturn in the global economy, the closure of the facility will eliminate 33 design positions as part of a personnel cull that has seen 60 people within the automaker's US operations lose their jobs.

Volkswagen to buy 42 percent of Porsche, full merger planned

Volkswagen will buy 42 percent of Porsche's sports-car business en route to a full merger by the end of 2011, the companies announced Thursday. VW will pay $4.7 billion for its initial stake in Porsche. It positions the new company to have 10 brands and global sales of 6.4 million, and Volkswagen CEO Martin Winterkorn is likely to lead the entity.

Ferrari 599 GTO

The Ferrari 599 GTO is the third in an illustrious line of Gran Turismo Omologato models from Maranello. It may look like a lightly modified GTB Fiorano, but is, in fact, almost entirely new. The hood's prominent center bulge and aerodynamic wheel disks are a hat-tip to Ferrari's F1 cars, while the contrasting matte black roof and flying buttresses visually lower the center of gravity and break up the 599's mass.