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Ferrari 458 Italia spider in the works, Di Montezemolo reportedly says

The Ferrari 458 Italia will get a spider version, company president Luca di Montezemolo told Italian reporters. The Ferrari chief says work is under way on the topless 458 and that it should arrive in about two years. The 458 coupe launches early next year.

MINI First introduced

MINI has a new budget model - The MINI First With all things Eco the flavour of the month, and with budgets stretched in households everywhere, a cheap, entry-level budget MINI is a tempting prospect. You still get the iconic shape, and you still get a very good chassis – which translates in to good handling and a decent ride – but you’re not paying a fortune for the fripperies. After all, there are MINIs that will set you back £25k (the MINI JCW Cabriolet), but the new MINI First is a very tempting £10,950.

News watch June 2010: today's auto industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour Wednesday 30 June 2010• Tesla shares have rocketed 40% on their first day of trading; the company went public this week with the first IPO of an American car company since Ford in the 1950s (BBC News)• GM may sell off its interests in finance arm GMAC and parts supplier Delphi as it seeks to write down its debts (Financial Times)• A Federal judge has approved the $20m sale of a former GM plant in Wilmington to Fisker Automotive; Fisker hopes to build 100,000 cars a year once production hits a peak after launch in 2012. It is using a $529m government loan to fund its launch (Detroit News)Tuesday 29 June 2010• UK business secretary Vince Cable has warned that the car industry is no longer in an emergency – and cannot expect direct government support.