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Porsche chief Wendelin Wiedeking resigns

Porsche chairman Wendelin Wiedeking has bowed to mounting pressure in announcing that he will step down immediately. The resignation came Thursday, following a surprise meeting of the company's supervisory board at its Weissach R&D headquarters outside of Stuttgart, Germany, on Wednesday night. Wiedeking's announcement comes after months of tense and public infighting following Porsche's failed attempt to wrest control of Volkswagen, which left it with $12.7 billion in debt, and slowing sales in key markets such as North America.

Kia and NBA extend their marketing ties through the 2011-12 season

Kia Motors America signed a two-year extension of its sponsorship deal with the National Basketball Association through the league's 2011-2012 season. The deal also expands Kia's sponsorship of the NBA to make the brand the official automotive partner of NBA All-Star events and the NBA Cares charity. Kia will also be the title sponsor of the NBA All-Star MVP award, given to the most valuable player during the league's all-star game, Kia and the NBA said in a statement.

American Elegance: Duesenbergs and drag cars return for concours at Meadow Brook

Cackling and rumbling, roaring and growling, the pair of vintage drag racers rolls onto the brick courtyard--a silver 1965 Dodge Coronet and a gaudy orange '66 “Gas Ronda” Mustang. They're two of the headliners at this year's Concours d'Elegance of America at Meadow Brook. They were followed moments later by a Bugatti Veyron, which almost silently slipped into view, thanks to the clandestine output of its 1,001 hp.