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Ford agrees to sell Aston Martin

Ford Motor Company announced this week it has entered into a definitive agreement to sell Aston Martin, its prestigious UK sports car business. The new owner of Aston Martin is a consortium comprised of: David Richards, founder and chairman of Prodrive, a world-leading motorsport and automotive technology company; John Sinders, an avid Aston Martin collector and a backer of Aston Martin Racing; and Investment Dar and Adeem Investment Co, international investment companies headquartered in Kuwait. The sale is expected to close during the second quarter and the transaction values Aston Martin at GBP 479 million ($925 million). As part of the transaction, Ford will retain a GBP 40 million ($77 million) investment in Aston Martin.

General Motors recalls another 8.4m cars

Associated Press General Motors has recalled a further 8.4 million cars as part of an ongoing investigation into a fault that causes the ignition key to turn unintentionally. Almost 30m cars across the US, Canada and Mexico have now been recalled by General Motors in 2014. Approximately 3,500 people are making claims for death or injury The recalls affect cars made as far back as 1997, but the American car maker insists that there is no conclusive evidence that faults with the cars caused crashes involving the vehicles.

Michelin Challenge Design announces 2008 jury

Michelin Challenge Design, known for enticing some of the world's most talented up and coming designers, has convened its 2008 panel of judges. The eight automotive design experts met July 16-17, 2007, at Art Center College of Design in Pasadena, California, to select the vehicle designs and concepts for special exhibition at the 2008 North American International Auto Show in Detroit next January. This year marks the seventh year for the international competition with a record 272 individual designers, teams, studios, and companies from over 50 countries submitting full-size vehicles, scale models and computer-generated renderings in support of the central theme, 'Safer.