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Victor Muller sells Spyker sports cars to CPP

Supercar maker Spyker is to be sold. Coventry-based coachbuilder CPP has announced a memorandum of understanding (MOU) to buy Spyker Cars from Spyker Cars N.V, the holding company which owns Spyker and Saab. No. Saab remains under the ownership of Dutch company Spyker Cars N.V. This sale is of Spyker, the manufacturer of flamboyantly detailed mid-engined supercars. CPP has been supplying chassis and body panels for Spyker since the brand was relaunched in 2000, and completed an agreement to handle full manufacturing of the current range in 2009 – the production of Spyker cars moved from the Netherlands to Coventry in 2010.   The MOU, valued at €32m, will mean that CPP Global Holdings Ltd will become manufacturer and owner of Spyker – €15m will be paid straight away, with the remaining €17m paid over a six year 'earn-out' period.

Kia Rio

Another car set to be unveiled at Geneva is the Kia Rio. Debuting alongside the Picanto, the Rio's new look brings it inline with the rest of the Kia family. The B segment car has grown in all directions and sports a longer wheelbase, whilst sitting around 15mm lower than the existing model.

Toyota will recall 2.3 million more vehicles for sticking accelerators

Toyota Motor Corp. will recall millions more vehicles in the United States, its second large recall in four months, this time to fix potentially faulty accelerator pedals. The newest recall, covering 2.3 million vehicles, means some Toyota owners will be affected by both notices.