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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.

Cadillac CTS-V Coupe confirmed

The Cadillac CTS-V Coupe will launch at the Detroit Motor Show 2010 There’s been a fair bit of news on Cadillac’s performance halo car the CTS-V of late. We had Bob Lutz taking on all comers at the Monticello Race Track in New York for the CTS-V Challenge (which turned in to a one-make competition) and the ubiquitous Mt Lutz confirming that Cadillac will be making a CTS-V Wagon (Estate, to us). And now comes confirmation of the CTS-V Coupe.

Watch: Ford Fiesta Rallycross car showcased in Detroit

The Ford Fiesta ST and the streets of Detroit and Belle Isle are the stars of this promotional video released on June 26 by Ford Racing to help promote the ongoing bid of organizers who are hoping to lure the X Games to the Motor City in 2014. Detroit is one of four finalists for the 2014 X Games, along with Austin, Texas; Charlotte, N.C., and Chicago. An announcement is expected late this summer as to which of the three cities will be awarded the three-year run of Summer X Games.