Fiat gets approval to purchase Bertone coachbuilding business

Fiat S.p.A.'s bid for Carrozzeria Bertone S.p.A. was approved Thursday by the Italian government. Fiat will invest $215.9 million (150 million euros) over three years in the struggling contract manufacturer that has produced models ranging from the Lamborghini Miura to the Volkswagen Polo during its 96 years in business.

Hertz announces Ford Mustang-based Hertz Penske GT rental car

There's nothing wrong with your basic cloth-interior rental cars, but there are times when you want to stumble off the plane and into something a bit more stimulating than a CVT-equipped Versa. Fortunately, rental car companies seem to be willing to answer the enthusiast call. Last week we told you about the Hertz Dream Car lineup and its $1,500-per-day Ferraris, but the company has also developed the muscle-car oriented Adrenaline Collection.

GM officially bankrupt

GM finally enters Chapter 11 Bankruptcy The US Government is to provide £30 billion to fund the transition, with GM being split in to ‘Old GM’ and ‘New GM’. In exchange for the money the US Government will take a 60% stake in ‘New GM’ with all the toxic assets and liabilities being disposed of through ‘Old GM’. The restructuring will allow GM to survive on a third less sales than before (10 million instead of 15 million).