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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.

Fuel protests halt Spanish car production

By Dimitri Pesin Motoring Issues 16 June 2008 10:25 Fuel protests in Europe triggered by the soaring cost of fuel have drastically reduced car production in Spain this month.  Last week's truck blockades and fuel depot pickets in Madrid caused car plants around the country to cut production. Seat, Citroen Peugeot, Ford, Nissan, Renault and Mercedes-Benz all have factories in Spain and most said they were affected.Seat production slashed by 40 percentSeat said its main Martorell plant was operating at 40 percent capacity, with production of the Leon and Altea models severely affected. However, the protests won’t delay sales of the new Ibiza, a spokesman promised, and assembly of cars in the factory is expected to return to normal this week.

Los Angeles auto show design contest seeks Hollywood's next hot car

Designers from the United States, Germany and Japan will compete in the 2011 Los Angeles auto show Design Challenge to create Hollywood's hottest new movie car. The event is part of the Design Los Angeles automobile designers' conference, held annually during the L.A. auto show press days, Nov.