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Karmann files for insolvency

Karmann, the century-old German coachbuilder synonymous with cabrios and the famous 1950s Karmann Ghia, has filed for insolvency. The company made the move Wednesday in Germany in response to a dramatic decline in revenue, an inability to pay for its massive layoff plan and the worldwide economic crisis. The North American operations, which make convertible tops for Detroit car companies and Volkswagen, are not affected, a spokesman said.

Local Motors XC2V Competition

Local Motors, producer of the Rally Fighter, has teamed up with the Defense Advanced Research Projects Agency (DARPA) to host a design contest. The partnership, which was made possible within the Adaptive Vehicle Makes initiative, aims to create an Experimental Crowd-derived Combat-support Vehicle (XC2V), exploring the potential of a crowd-sourced design for military use. The initiative to develop a crowd-derived vehicle body design for the US military was created in an effort to decrease the time and developmental costs associated with creating niche military vehicles.

Are Peugeot Citroen set to be bought out by GM?

Could GM take control of Peugeot Citroen? Last year we reported that Peugeot Citroen (PSA) and GM were forming a joint alliance to cut costs and develop new cars. But we questioned if the small savings of €2 billion a year from jointly developing new platforms and engines would do anything to stem the losses both companies were facing in Europe, and wondered if the only solution was a merger.