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Toyota recalls Corolla, Lexus IS models

On Wednesday, Toyota said it is recalling 752,000 Corolla and Corolla Matrix vehicles from the 2003 and 2004 model years, and about 270,000 Lexus IS vehicles built between 2006 and 2012. The Corolla and Corolla Matrix may be susceptible to an electrical short that could cause the frontal airbag and front seatbelt pre-tensioners to inadvertently deploy, according to Toyota. The Lexus IS faces a problem with windshield wipers that are not sufficiently secured and may not operate properly when weighted down by heavy snow.

Ferrari posts huge profits - by building fewer cars

AP Ferrari today announced an 8% jump in trading profits to €363.5 million in 2013 - despite selling 5% fewer cars. It's all part of the supercar maker's planned reduction in supply to keep values and demand for Ferraris rock-solid, Maranello reported. Turnover and profit all surpassed previous records, despite the reduction in the number of cars built.

Audi explores new color and trim options

Audi, well known for creating some of the most desired automotive interiors in the business, is looking to push the boundaries of personalization and further increase the levels of quality of interior design in its vehicles. The first vehicle to benefit from this will be the new Q3, revealed at the Shanghai motor show in April. Its interior contains a new style of inlays made from larch wood and aluminum, a range of interior colors and an optional LED interior light package.