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Ford reaches agreement to sell Volvo to Geely for $1.8 billion

Ford has reached an agreement to sell its Swedish brand Volvo to Chinese carmaker Geely for about $1.8 billion in a multinational sale expected to close in the third quarter of this year. The pending agreement was announced onSunday morning, and Ford will continue to supply powertrains, stamping and other parts to Volvo after the sale. If it closes, the landmark deal delivers the premium Volvo brand--long a benchmark for automotive safety--to a Chinese firm that has ambitious plans for growth.

Lexus sketches future compact for the Frankfurt motor show

Lexus is jumping into the compact fray and has released a sketch of a concept that will be revealed at the Frankfurt motor show on Sept. 15. Lexus says the premium small car will make a design and technology statement, though further details are not available.

Design Contest: Citroen Creative Awards

Citroën is hoping to repeat its successful design and graphics competition, which began last year, with the launch of the 2011 iteration of the Creative Awards contest. The Citroën Creative Awards aims to find new talent by ‘opening up your ideas'. The inaugural competition from last year saw the winning roof and IP graphic design put into the DS3 and placed on public display on the Champs-Elysees.