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Volkswagen says Italdesign purchase will boost its growth strategy

Volkswagen AG will acquire a 90 percent stake in Italdesign Giugiaro S.p.A., VW said Tuesday. The Giugiaro family will retain 10 percent in the 42-year-old automotive styling company that is famous for designing cars such as the first-generation Volkswagen Golf. VW CEO Martin Winterkorn said Italdesign will make an important contribution to the automaker's 2018 global growth strategy.

Geely Englon TXN (w/ Gallery)

Geely is poised to show 39 new vehicles at the forthcoming Auto China 2010 motor show in Beijing, among them will be this new TXN taxi. While most of the new cars on show won't be built around entirely new sheet metal - some will feature new powertrains, for example - the Englon TXN is indeed all-new. Sitting in Geely's Englon range, a sub-brand initially created for the taxicab, the TXN is intended as a replacement for the aging TX4 built by British automaker LTI (as well as at Geely's Shanghai Maples factory).

EU cuts Co2 Targets to help Euro car makers

In an astonishing outbreak of common sense, EU negotiators last night agreed a deal to ease the draconian Co2 targets for EU car manufacturers. Originally, EU car makers had to meet the new regulations by 2012, but have now won a concession to hit 65% of target by 2012, 75% by 2013, 80% by 2014 and 100% by 2015. This scaling back of the targets was achieved after Germany objected to the original proposals.