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Daimler agrees to unload remaining Chrysler stake

Daimler AG announced today that it has reached an agreement to unload its remaining 19.9 percent stake in Chrysler LLC. "Daimler's remaining 19.9 percent shareholding in Chrysler will be redeemed, and Daimler will forgive repayment of the loans extended to Chrysler, which were already written off in the 2008 financial statement," Daimler said in a prepared statement. All told, Daimler will write off $700 million as a result of the deal, according to the statement.

Citroen Technospace concept car (2013) first pictures

Don't be fooled by the concept car ruse: this is the new Citroen C4 Picasso in almost showroom-ready spec. Citroen hasn't even gone to the trouble of fitting massive wheels and cameras for mirrors to play up the concept car claim. This is Citroen's next compact MPV, due on sale in the second half of 2013. Citroen Technospace concept: the need-to-know The next Citroen C4 Picasso will use the company's lighter 'EMP2' underpinnings.

Ferrari apologizes for employee filmed doing donuts in China

Ferrari issued an apology on Wednesday after one of its employees was filmed doing donuts in a 458 Italia 20th Anniversary Special Edition on the 600-year-old Ming Dynasty wall in the city of Nanjing. The online community has been up in arms, with users of Wiebo, China's version of Twitter, being allowed to complain the loudest. Much of the anger was directed at the Chinese government, which rented the wall for the occasion at a cost of $12,000.