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Toyota reveals new Le Mans car as Peugeot quits

Peugeot has announced that it’s closing its Le Mans and endurance racing programme with immediate effect. The unexpected announcement is a blow to the world-famous French endurance race, as the diesel-powered 908 HDi LMP1s have been the only cars able to challenge Audi’s dominance over the past few years – Peugeot won the Le Mans 24hrs in 2009. On the same day that Peugeot Sport announced the closure of its endurance racing programme, Toyota revealed its new 2012 Le Mans racer.

Chrysler posts $370 million net loss on costs tied to repaid loans

Chrysler Group LLC, after recording its first post-bankruptcy profit three months ago, posted a net loss of $370 million in the second quarter due to costs tied to the repayment of government bailout loans. Chrysler incurred a charge of $551 million in paying back the U.S. Department of Treasury and the Canadian loans that kept the automaker afloat in 2009.

Burnin' for You: Porsche Cajun gets the green light for production

The Cajun is a go. Porsche will continue to pepper the SUV market with a new entry below the successful Cayenne, and the Cajun is expected to launch in North America in 2013. Porsche's supervisory board instructed the company to develop plans for production in a meeting on Monday.