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Karmann files for insolvency

Karmann, the century-old German coachbuilder synonymous with cabrios and the famous 1950s Karmann Ghia, has filed for insolvency. The company made the move Wednesday in Germany in response to a dramatic decline in revenue, an inability to pay for its massive layoff plan and the worldwide economic crisis. The North American operations, which make convertible tops for Detroit car companies and Volkswagen, are not affected, a spokesman said.

Goodwood Revival 2008 hosts £85m historic grid

By Ben Whitworth Motor Shows 15 September 2008 12:14 This weekend’s Goodwood Revival 2008 is set to be the most expensive yet – the grid for the Royal Automobile Club TT Celebration race has been independently valued by Bonhams automotive auction house at an eye-watering £85 million. The valuation for the one-hour, two-driver race closed-cockpit GT cars – which originally took place at Goodwood between 1960 and 1964 – makes it the most expensive grid of historic racing cars ever to appear together in one race. Goodwood Revival 2008: the drivers' list Derek Bell, Martin Brundle, Patrick Tambay, Jean-Marc Gounon, Christian Horner, Richard Attwood and Jackie Oliver will take to the fast and tight circuit in some of the finest and most valuable GT racers ever produced.The list of entrants reads like a Who's Who of schoolboy fantasy garages, including the Ferrari 250 GT SWB, GTO and 330 LMB, AC Cobra and two original Shelby American Cobra Daytonas, an Aston Martin DB4 GT Zagato and Project 214, plus the Lightweight Jaguar E-types.

Update: Hyundai releases statement on Calif. lawsuit

UPDATE: Hyundai Motor America contacted Autoweek on Wednesday with a statement in regard to the case: Hyundai Motor America believes this case has no merit, as our advertising is accurate and in full compliance with applicable laws and regulations. In fact, we've reviewed our ads and think Consumer Watchdog and their client are dead wrong. A group called Consumer Watchdog announced that it is suing Hyundai on behalf of drivers who purchased 2011 and 2012 Elantras based on claims that Hyundai made in its advertising for the Elantra.