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Kimi Räikkönen to star at Festival of Speed

FORMULA One favourite Kimi Räikkönen has been confirmed as a star guest for the upcoming Goodwood Festival of Speed. The charismatic Finn will be at the famous Goodwood event as part of a wider celebration of motorsport heritage in conjunction with the Festival of Speed’s recently-announced chief sponsor, Shell. As well as bringing F1 racer Räikkönen and supplying the ‘official fuel’ for the event, V-Power Nitro+ premium unleaded, Shell will celebrate the 50th anniversary of legendary British racer John Surtees’ Formula One World Championship victory with Scuderia Ferrari.

Concept Car of the Week: Oldsmobile Aerotech (1987)

In late 1984, Oldsmobile management had so much confidence in the potential of its new inline four-cylinder engine Quad 4, that a small team was assigned to the creation of the Aerotech, a research vehicle designed to demonstrate the engine's performance by setting a new world speed record. Ed Welburn, then assistant chief designer, was mostly working on the 1988 Cutlass Supreme but his passion for race cars made him the ideal candidate to be handed the assignment by Oldsmobile 2 studio's chief David North. Inspired by Le Mans racers such as the Porsche 917LH and Jim Hall's Chaparrals, he designed a long, flowing car that immediately seduced design director Chuck Jordan and GM management.

News watch July 2010: today's auto industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour Friday 30 July 2010• Renault has reported a net income of €823 million – with an operating margin of 4% and sales up 22% globally. Its worldwide market share now stands a whisker up at 3.8% (Renault)• La Regie said its business was performing much better than during the same period last year, when the recession bit into its profits.