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Chrysler says it needs another $2 billion in aid

In submitting its viability plan to the federal government on Tuesday, Chrysler asked for an additional $2 billion beyond the $7 billion in loans it sought late last year and outlined further steps to cut costs. Chrysler said it will reduce fixed costs by an additional $700 million, cut 100,000 more units of production capacity, discontinue three more model lines and sell $300 million more in assets.

Mercedes-Benz prepares CLC Shooting Brake

Mercedes-Benz boss Dieter Zetsche has given approval for a second Shooting Brake model to accompany the brand's eagerly awaited CLS Shooting Brake due out in 2012, according to German media reports. The new model is expected to go on sale in North America in 2014. It's based on the German carmaker's upcoming CLC--a four-door coupe that uses a new platform that will offer buyers a stylish but practical rival to the likes of the Audi A5 Sportback and the upcoming BMW 3-series GT.

Ferrari electric 4×4 confirmed

The next generation Ferrari 612 will be offered with an electric 4x4 option. Six months ago we reported that Ferrari were working on a four wheel drive system utilising electric motors to drive the front wheels. But Ferrari’s raison d’etre isn’t really about economy – although even they have to pass a nod to current eco concerns – rather about performance and handling.