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Designed in Italy, Engineered in China

"The soul of our designing is in Italy," said Silvio Petro Angori, CEO of Italian design house Pininfarina S.p.A. "We will do all styling in Italy – we will not do that in China." But in order to cater to the growing number of contracts from Chinese automakers, Pininfarina will soon begin engineering and product development in China with a center in Shanghai's suburb of Anting. Pininfarina has been working with Chinese automakers since 1996.

Bondholders snub GM, bankruptcy filing likely

Nowhere near enough General Motors bondholders agreed to exchange their debt for stock before a midnight Tuesday deadline, making a bankruptcy filing by the automaker highly likely. GM had set a threshold of 90 percent of the $27 billion in bond debt it wanted to exchange for 10 percent of the stock in a reorganized company for the deal to take place. In a statement Wednesday, GM said the amount of notes tendered was substantially less than the 90 percent target.

New Mustang hits the silver screen

THE ALL-NEW Ford Mustang is following is ancestors onto the silver screen when it makes it film debut in Need for Speed, which is out on 14 March. Starring Aaron Paul, the film uses a bright red Mustang Fastback. The film’s director, Scott Waugh, said: ‘I chose the Mustang because it is a car that represents American culture and modern muscle cars.