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Toyoda says company is ‘grasping for salvation', fears big sales loss

Toyota Motor Corp. President Akio Toyoda said his money-losing automaker is “grasping for salvation” as it struggles to return to profit. The world's largest car company was once targeting annual sales of 10 million vehicles but now expects sales of 7.3 million this year, down from 8.97 million in 2008, Toyoda said today at a news conference.

Museo Casa Enzo Ferrari opens in Modena [w/video and gallery]

A new Ferrari museum opened this weekend in Modena celebrating the life and work of Enzo Ferrari, the legend behind the Italian supercar icon. The €18 million Museo Casa Enzo Ferrari, which is built on the ruins of the birthplace of Enzo Ferrari, not only features iconic Ferraris from throughout the company's existence but also includes other cars with links to the Modena valley area. The new gallery – crafted from yellow aluminum, the color of Modena and the prancing horse logo's background – not only charts the key moments in Enzo's life but also showcases how Modena became the traditional home of other iconic Italian supercar makers such as Maserati, De Tomaso and Pagani.

Subaru XV gets a price cut – down by £1300 on 1.6 litre versions

It wasn’t a bad starting point for an able mid-sized crossover – a high-riding Impreza, in all but name –  but it wasn’t the cheapest offering in the class. But now, with the Yen being a bit kinder to Japanese car makers, Subaru has decided to nudge the price a bit lower to start the XV range off below £20k for the first time. The price drop for the XV only applies to the 1.6 litre petrol versions, but you can now get the entry-level XV 1.6i S for a more affordable £19,995 rising to £23,415 for the XV 1.6i SE with the Lineartronic gearbox, reductions across the range of £1300.