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1957 Ferrari sells for record $12.1 million at auction

A 1957 Ferrari 250 Testa Rossa once again blew away the competition, setting a world record for cars sold at auction when it fetched an eye-popping $12.1 million on Sunday at an event on the grounds of the Ferrari factory in Maranello, Italy. The Testa Rossa was one of just 22 produced from 1957 to 1958, and the Scaglietti design is marked by prominent pontoon fenders. The cars also were successful racers, winning 10 of the 19 international races they entered from 1958 to 1961.

International Engine of the Year Awards to focus on fuel efficiency

Like the Oscars of the Otto cycle, the Grammys of gasoline, the International Engine of the Year Awards are a big deal in the industry. For 2013, the awards will continue to focus on green technology, pitting gasoline, compressed natural gas (CNG), hybrid and all-electric powerplants against each other for the title of "international engine of the year." Ford's 1.0-liter EcoBoost engine took top honors last year. Besides the top award, other categories include best green engine, best new engine and best performance engine, each voted on by journalists from around the world.

Toyota ends powertrain deal with Tesla

To the surprise of no one, Toyota has announced the end of a partnership with Tesla that gave rise to the slow-selling RAV4 EV, which will be replaced by a fuel cell car next year. Toyota has said that it can't meet California's zero-emission vehicle (ZEV) mandate profitably with electric cars, but it thinks it can make money, or at least not lose so much of it, with fuel cells. Toyota signed a $100 million joint development deal in 2011 with Tesla, to build powertrains for its RAV4 EV.