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Fiat will buy the rest of Chrysler for $4.35 billion

Fiat has announced that it will purchase the rest of Chrysler in a deal totaling $4.35 billion. Currently, the outstanding 41.6 percent stake in the company is owned by the UAW's voluntary employee beneficiary association, or VEBA, trust. Under the terms of the deal, Fiat won't shell out all $4.35 billion.

News watch April 2010: today's auto industry news

Welcome to CAR'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-hourThursday 29 April 2010• The European Commission has published a document outlining plans to encourage the take-up of electric cars. It includes a strategy for a common charging socket (Financial Times)• BMW has leapfrogged Toyota as the world's most valuable automotive brand, according to the BrandZ Top 100 survey.

Kia Naimo concept

As the Seoul Motor Show starts today, Thursday 31st March, Kia is debuting the Naimo all-electric concept. The concept takes its name from the Korean word ‘Ne-mo' meaning square shape - something that lends itself to the Naimo's aesthetic. The crossover utility vehicle, or CUV, was conceived by Kia's international design team in Seoul and is characterized by its ‘simple lines and solid, muscular stance.' The simple overall design sports such interjecting details as the wrap-around windscreen and asymmetric sunroof.  This mixture of simple and complex is a reference to the common traits of many traditional Korean arts and crafts.  The Naimo's interior was designed to evoke a strong sense of tranquility and features hand-crafted materials throughout such as Korean oak on the floor and door cards, with "Han-ji" paper being used for the head lining. Juxtaposing these traditional elements are modern features such as the transparent organic led display instrument panel.