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Fisker goes to China's Wanxiang

China's Wanxiang Group won an auction for Fisker Automotive Holdings Inc., the maker of luxury plug-in hybrid cars, with a $149.2 million bid, almost six times what Fisker was seeking when it filed for bankruptcy. Wanxiang topped Hybrid Tech Holdings during the auction, which began on Wednesday and went through 19 rounds of bidding, with an offer that includes $126.2 million in cash and $8 million in assumed liabilities, Fisker said Friday in a statement. U.S.

Toyota goes on offensive, seeks 100 percent owner response to recall notice

Toyota Motor Corp., spurred by criticism that previous recalls failed to prompt enough owners to seek fixes, hopes to distribute mailings this week to the 2.3 million owners targeted in a January recall. Toyota says it will be vigilant in reaching each of the affected customers and hopes to have all repairs done within 90 days. The goal was outlined today as the automaker detailed its strategy for eliminating the possibility of unintended acceleration in the eight Toyota-brand models that were the focus of a Jan.

Volkswagen to buy Italdesign-Giugiaro

Italdesign-Giugiaro S.p.A could soon become another group under the Volkswagen AG umbrella, according to Automotive News Europe. The industry publication cites two sources that claim the German company is set to buy a controlling stake in Italy's largest design and engineering firm, a deal which could be clinched as early as next week. Founded by Giorgetto Giugiaro and Aldo Mantovani in 1968, Italdesign-Giugiaro currently has 975 employees and 800 CAD workstations.