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Video: BMW M1 Hommage

BMW took the wraps off its latest concept car at the Concorso d'Eleganza in Villa d'Este this past weekend. Called the M1 Hommage, the concept is exactly what it says on the tin: pay homage to the iconic M1 designed by Giorgio Giugiaro, which celebrates its 30th birthday this year. The design of the M1 Hommage concept is a thoroughly modern interpretation of the original - compete with a louvered rear window - but it has grown in size over its thirty year old forebear.

Renault, Caterham form joint venture to build sports cars

Two lightweight two-seat sports cars, likely to be on sale in 2015 or 2016, will be the first output of a joint venture between French automaker Renault and U.K. sports car maker Caterham that was announced Monday. Renault will put its Alpine factory in Dieppe and its 300-person workforce into the 50:50 joint venture.

Nissan wins New York taxi bid

Nissan won the fight for an exclusive 10-year contract to design and supply the next generation of taxis for New York City, starting in 2013. "The new taxis will be custom-designed to meet the specific demands of carrying 600,000 passengers a day in New York City traffic," Mayor Michael Bloomberg said Tuesday. "The vehicle meets the top priorities identified by the public in our online survey." Nissan was battling Ford Motor Co.