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Chrysler's main creditors reach deal with U.S.; others hold out

The U.S. Treasury Department has reached a tentative debt-reduction agreement with Chrysler's main creditors but still must get other lenders to sign on for the deal to take effect, three people with knowledge of the talks said today. The accord with JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley would reduce Chrysler's $6.9 billion debt to $2 billion, which would be repaid by Chrysler in cash, they said.

Freeman Thomas: “it's easier to create your own rocket than create your own car”

The Industrial Designers Society of America's ‘Designing Innovation' panel discussion took place in San Francisco yesterday. The event was sponsored by Ford, with strategic design director, Freeman Thomas taking a place on the panel. Having parked a C-MAX Energi and new F-150 in the venue, Ford's influence weighed rather heavily, particularly in the early moments.

Porsche 960 supercar confusion

Porsche 960 - will sit below the Porsche 918 Spyder The Porsche 960 is a mid-engined Porsche supercar heading for production in 2015 and aimed at the Ferrari 458.  Now firmly in the bosom of the VW Group, Porsche is forging ahead with its plan to dominate every expensive ‘Sporty’ niche on the planet – a bit like Audi, but at a higher level. One of the new models we know about – or are almost certain we know – is on the way is a Ferrari 458 and McLaren MP4-12C competing Porsche 960. The venerable Georg Kacher talked about the Porsche 960 in Car Magazine last year and his utterings made much sense.