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Ferrari shows next Enzo's HY-KERS V12 at Beijing

Ferrari stole a surprise march at the 2012 Beijing auto show when it announced a few details about its forthcoming Enzo successor. The powertrain you see here is essentially the hybrid supercar architecture which'll underpin the new hypercar being readied for launch later in 2012. Ferrari chief Amadeo Felisa told CAR the electric powertrain would lop 10% off the 0-124mph time - and its V12 is related to that in the F12, but with more power and 40% lower CO2 emissions.

2014 Volvo XC90 on track as part of £3.5 billion investment in Sweden

Volvo are investing £7 billion in their future – half of that in Sweden – and the first model to benefit will be the long overdue 2014 Volvo XC90. Just like all of Ford’s premium automotive adventures - Land Rover, Jaguar and Aston Martin included – Volvo has suffered from a long period of under investment but now – with China’s Geely in charge – they’re forging ahead with big investment and big plans to try and emulate the turnaround Tata has accomplished at JLR. That means an investment of £7 billion over the next three years – £3.5 billion of that in Sweden – in a new scalable architecture (SPA) platform and new Volvo engine architecture (VEA) to underpin most of Volvo’s future models.

Former General Motors CEO nets multimillion-dollar retirement package

Former General Motors CEO Rick Wagoner will officially punch out on Aug. 1 with a compensation package worth almost $8.6 million over the first five years. The deal is significantly lower than what he could have received; it would have been $23 million at the end of last year, Reuters reports.