VW to pay $11.28 billion for all of Porsche: report

Porsche SE's controlling families will agree on Thursday to accept an offer by Volkswagen to buy its sports car business Porsche AG for roughly 8 billion euros ($11.28 billion), Der Spiegel reported on Saturday.

Germany's leading weekly magazine wrote that the rival Porsche and Piech clans, which own 100 percent of Porsche SE votes, will approve the two-stage takeover at a supervisory board meeting on July 23.

Volkswagen would purchase a 49.9 percent stake in Porsche AG and at a later date acquire the rest, in a deal that would create an integrated automotive group with 10 brands under the leadership of the Wolfsburg-based carmaker.

The sale would help Porsche SE pay off most of its debt, which two sources told Reuters has ballooned to considerably more than 10 billion euros.

Der Spiegel also said embattled Porsche SE and Porsche AG Chief Executive Wendelin Wiedeking is negotiating over a severance package that could total more than 100 million euros. In the meantime, production chief Michael Macht will replace him as head of Porsche AG, the magazine reported.

On Thursday, Wiedeking rejected speculation he was about to leave the group.

Asked on Saturday whether the two families have reached a decision for the July 23 board meeting, Porsche spokesman Anton Hunger said "we have not been informed of one," adding that the Spiegel report was speculation that the company would not comment on.

Separately rival German weekly magazine Focus reported that Volkswagen's powerful chairman and part-owner of Porsche, Ferdinand Piech, plans to remove Wiedeking on Thursday from the influential six-man steering committee on the VW supervisory board.

The vacancy could open up the opportunity for Piech's cousin and rival, Wolfgang Porsche, VW supervisory board member and Porsche SE chairman, to replace Wiedeking in the committee as a representative of his side of the family.

The grandfather of Wolfgang Porsche and Ferdinand Piech was Ferdinand Porsche, designer of the Beetle and founder of Volkswagen.

Source: reuters

Robbie Maddison backflips the Tower Bridge in London

Source: Youtube

Mark Webber Wins German Grand Prix

Australian driver Mark Webber won his first ever Grand Prix with a comfortable victory at the Nurburgring in Germany

The Red Bull driver was nine seconds clear of his team-mate Sebastian Vettel, with Ferrari's Felipe Massa in third.

Championship leader Jenson Button came home 5th.

It was Webber's 130th Grand Prix and the victory gives him a place in the Formula One record books, as no driver has taken so long to achieve their maiden triumph.

And it was a remarkable victory, coming despite Webber being handed a drive-through penalty for a first-corner collision.

It was a day of frustration for Button and the Brawn team.

They got their pit-stop strategy wrong, and never looked like halting Webber's march to victory.

But it was another disasterous day for reigning champion Lewis Hamilton.

Starting from 5th he surged through the field at the start and looked like being in front at the first corner.

But he was clipped, ironically by Webber, suffered a puncture and trailed home in last place.

Source: News Sky

New Honda CEO wants to accelerate hybrid rollout

TOKYO - Honda Motor Co's new chief executive said on Monday that Japan's No.2 automaker would speed up the rollout of its hybrid cars as he aims to steer a nimble company that reacts more quickly to changing customer needs.

In his first public appearance after taking office last month, Takanobu Ito said Honda would launch the planned CR-Z hybrid sports car next February and a gasoline-electric Fit subcompact by the end of 2010, citing the growing importance buyers place on fuel economy and environmental considerations.

"I think everyone is going to go the way of hybrids," the 55-year-old former engineer told a media gathering at Honda's headquarters in Tokyo.

"Bringing hybrids quickly to customers will be a major focus of our activities," he said.

"I want Honda to be a speedy company."

That would include accelerating the development of a new type of hybrid system with two electric motors to be mounted on medium- to large-sized vehicles, he said, after Honda shelved its plan to use clean diesel engines to improve mileage on bigger models.

Ito declined to say when the new hybrid system would be ready.

Virtually all engineers that had been part of Honda's Formula One team are now working on hybrid development, he said. Honda pulled out of the race in December to avoid falling into the red.

Honda in February introduced the Insight hybrid, the first of a family of low-cost gasoline-electric cars that Ito's predecessor, Takeo Fukui, predicted would help hybrids account for one-tenth of car sales in the early part of next decade.

Sales of the Insight have outpaced Honda's monthly target of 5,000 units in Japan since its launch. To meet demand, Honda said it started building the model on a second line at its Suzuka factory in mid-June, taking daily production up slightly from the previous 700 units.

Shares of Honda ended up 0.6 percent at 2,370 yen, while those of other automakers fell sharply due to concerns about a stronger yen. The benchmark Nikkei average lost 2.6 percent.

BEARISH ON U.S.

Sales of the Insight in the United States, however, have so far fallen short of Honda's targeted annual pace of 90,000 units -- or just under half of its global sales goal of 200,000 units.

Ito attributed that to limitations in production capacity for the Insight, as well as a deliberate priority being placed on filling orders in Japan, where the company can make more profit due to the yen's strength against the dollar.

Honda's Insight also faces stiff competition from Toyota Motor Corp's Prius, which is more spacious, fuel-efficient and costs just $2,000 more.

Ito said that while he hoped the U.S. market would improve next year, the severity of economic conditions probably meant a recovery could be at least two years away.

"When you look at the state of the (U.S.) economy, it's difficult to imagine that it would recover in the next two years," he said.

Ito said conditions in Europe were even more opaque, and that emerging markets such as China and India held the biggest promise for growth.

Honda is the only top-three Japanese automaker to have escaped a loss last year, and has forecast a 95 percent drop in operating profit to 10 billion yen ($108 million) for the financial year to March 2010.

Source: reuters

Thinking of trading in your old car? We've found our favorite 'Cash for Clunkers' calculator

Automakers are already maneuvering to try to outdo each other to take advantage of the government's Junkyardsmallpg-horizontal Cash for Clunkers program. That's what most of us have been calling the program that offers credit up to $4,500 to turn in an old gas guzzler in exchange for buying a new car.

To help you decide, Drive On has been

looking over some of the various "clunker calculators" that have turned up to tell you the gas mileage and trade-in value of your old car, and how it compares on both factors with the new one. Kelley Blue Book is teaming with Ford to produce the kbb.com "Cash for Clunkers Calculator." Find it by clicking here. And look what Hyundai is finding already:

Hyundai is already jumping ahead of the others with a clunkers program. The brand expects to gain about 10% in additional sales from the program, says John Krafcik, president of the U.S. division. So far, the biggest trade-in is - drum roll please - the Ford Explorer. That glut of Explorers from the late 1990s is going to fill the clunker lot, Krafcik predicts. The Ford brand overall is the most traded-in vehicle. But he says Hyundai dealers are also seeing old luxury cars showing up, including Mercedes-Benz and Cadillac vehicles. What gas sippers are people buying? He said the practical Elantra is most popular so far..

Source: usatoday Via: Kbb

Sale!! Sale!! Sale!! Cristiano Ronaldo is staging a “Summer Sale” as he moves to Spain.

£114,950 ... Bentley GT is ultra-desirable, £69,995 ... Porsche owned by star now up for sale, £10,795 ... ‘bargain’ Mercedes cheapest of 3 cars.

Ronaldo, 24, is putting three of his luxury CARS up for sale for £195,000.

Pals believe the ex-Man United hero may also flog his £4million MANSION in Alderley Edge, Cheshire.

And he could leave behind some of his designer GEAR — giving fans a chance to snap it up in charity shops.

First up for grabs are his Bentley Continental GT Speed (price £114,950), Porsche 911 Carrera 2 Tiptronic S (£69,995) and Mercedes C220CDI (£10,795).

All three are being sold through Manchester-based dealer Vehicle Consulting and are on Auto Trader.

A website description says: “A rare chance to own the ultra-desirable Bentley GT Speed, with one owner on the logbook — Real Madrid’s world record buy Cristiano Ronaldo!”

The cars will interest rich fans seeking a souvenir of Ronaldo, who signed for Real for £80million and was unveiled amid riotous scenes there this week.

A source said: “Cristiano is keen to sell his cars because they are right-hand drive. He will just go out and replace them.

“He is also considering what to do with his house and his cupboards full of clothes.”

Source: Thesun

Bus parking in Japan

A bus company in Nagano Prefecture that parks its buses in a dangerous-looking manner, The bus company wants to make the most use of its limited parking lot space, so it backs the buses up until they are nearly on the point of falling over the ledge. Drivers can monitor their progress via a rear camera.

Source: JapanProbe

Auto sales revving up, increase 14% in June

NEW DELHI: New models, discounts and easing retail finance helped car sales grow for the fifth month in a row, with June sales up 8% at 1.07 lakh

units against 99741 units in the same month last year. Overall, automobile sales in the month were up 14% at 9.17 lakh units against 8.02 lakh units in June last year.

According to wholesale data released by the Society of Indian Automobile Manufacturers

(SIAM), market leader Maruti led the charge and accounted for more than half of the sales. It sold 54,693 units, showing a growth of 12%. Companies like Hyundai, Honda Tata Motors

also saw numbers going up in the month. New models including Maruti Ritz, Honda Jazz and Fiat Grande Punto, also witnessed growth.

"Also, the discounts offered around the monsoon season and the gradually-improving situation on the front of retail financing has been keeping the numbers healthy. However, there could be some slowdown in the coming months as demand normally slackens during monsoons," said an industry analyst.

Car sales in the first quarter of this financial year have increased by a modest 4.7% at 3.23 lakh units against 3.09 lakh in the April-June 2008 period, SIAM said.

Motorcycle sales also remained healthy in June, thanks to the push given by market leader Hero Honda. The company saw sales increasing by 23% at 3.41 lakh units. While second-biggest company Bajaj Auto saw another month of downturn, TVS also slipped and saw June sales going down on a year-on-year basis.

The scooter market also remained robust as sales went up 25% at 1.11 lakh units against 89,809 units in June 2008. All the top three players — Honda Motorcycle and Scooter India, TVS and Hero Honda — saw demand going up.

However, just as other segments grew, the commercial vehicle segment continued its bad run. Overall commercial vehicle sales remained negative and fell 12.5% in June at 36,193 units against 41,369 units in the same month last year. While the light vehicle segment again managed to grow on good demand for goods carriers, the medium- and heavy-vehicle segment led to the slowdown as sales here was down by 31%.

SIAM officials said they expected commercial vehicle sales to remain negative throughout the first half of this fiscal and any revival could be expected only with a pick-up in industrial activity.

Source: timesofindia

GM pitches Chevrolet Camaro to gay men with beefcake video

Note: The Video had been removed by the user.

For a local movie promotion a week ago aimed at gay buyers, General Motors' Chevrolet sponsored an Bumblebeeboyspg-horizontal online video on YouTube featuring the "Bumble Bee Boys in Briefs" -- a couple of buff "go-go boys" wearing only Speedo-type swimsuits with the letters CAMARO stitched across the behind. In the video, they are washing a Camaro.

It's an interesting marketing twist considering how dramatically the auto industry has backed away from blatantly using sex appeal to sell cars. In the 1950s, automakers never hesitated to plug their hot models with -- well, hot (female) models. They were aiming at male buyers and figured cheesecake would work. The trend died when women objected to being objectified, making today's gay beefcake appeal all the more interesting.

The video was produced to promote Chevrolet Gay Days at the Movies in Los Angeles, part of an ongoing outreach program to minority groups and the gay-lesbian-bisexual-transgender community. The movie was a screening of the new Transformers movie, chock full of GM vehicles including Bumblebee, a Camaro. Dave Barthmuss, a General Motors spokesman, said the promotion might surprise some "because you don't see it in the mainstream." The video was deemed to "make sense for this particular audience."

GM also uses tailored marketing to reach other groups, such as African-American and Asian-American buyers. A recent Asian-oriented event featured a meet-up around a catering truck dishing out gourmet specialties.

Source: content.usatoday

Hyundai to shift part of i20 production out of Chennai next year

NEW DELHI: Hyundai Motor India (HMIL) has decided to shift part of the production of its popular i20 hatchback for the export market from Chennai

to save on logistics costs and import duties in Europe.

By December 2010, India’s largest car exporter will shift part of the production of the model to one of its facilities in Turkey, the Czech Republic or Slovakia to take production closer to its large overseas markets such as Germany, France, Italy and the UK.

“We are looking at competitive pricing for the i20 and will shift some portion of its production next year. While India will remain as the main production hub for the car, the European orders will be met from the new production facility,” HMIL CEO & MD HS Lheem told ET. Logistics costs and import taxes add 10-15% to the price of cars exported from India.

A nearly three-week-long strike by workers at its plant near Chennai in April and May hit output, leading the company to shift production of some models to other manufacturing sites. The strike led to a 5% drop in production, forcing the company to re-think on its export target.

The company on Tuesday launched two new variants of the i20 for the domestic market. The 1.4-litre CRDi diesel variant comes at a price of Rs 6.2 lakh-Rs 7.2 lakh (ex-showroom Delhi). The automatic variant of 1.4 litre petrol starts at Rs 7.31 lakh and the top-end variant will cost Rs 7.72 lakh in Delhi.

It has already sold 12,000 units of the 1.2-litre petrol i20, whose starting price is Rs 4.8 lakh onwards in the domestic market.

The i20, Hyundai’s latest hatchback, has been a success in overseas markets, with the company selling around 72,000 units since the car’s launch in December last year. Some 60,000 of these were exported.

“We have resumed normal production now and will be starting our third shift in the second plant, where newer models are produced, from July 10,” Mr Lheem said.

The Chennai facility is a major global manufacturing hub for Hyundai’s small cars and has the capacity to produce 6 lakh units a year. Exports accounted for about half of the company’s sales of nearly 5 lakh units in 2008.

The wholly-owned Indian arm of the South Korean company exported 1.35 lakh cars in the first six months of 2009, a 22% increase over the year-ago period. The i20 is expected to account for over 40% of exports for 2009-10.

Hyundai is banking heavily on the stimulus packages being rolled out by various European nations, where cash incentives the equivalent of up to Rs 3 lakh are being provided to buy fuel-efficient cars such as the i20.

Source: economictimes

Errr!! Toyota Employees Taped Stealing From, Watching Porn In Customer's Car

The first two times Jason brought his truck in to his local Toyota dealership for service, he noticed that someone had taken quarters from his change compartment. He complained both times, but was ignored. So the third time he brought his truck in, he placed a video camera on the passenger side. The dealership didn't ignore him this time.

Jason was originally only concerned about the missing quarters, but his camera also captured Hampton Toyota employees sifting through his medication, using racial slurs, and watching porn in Jason's truck. Jason emailed us a copy of the letter he sent the owner of Hampton Toyota.

"Dear Mark Hampton:

I am writing to you as an unsatisfied customer. I think the DVD enclosed will speak for itself. First, a little history about my experience with your dealership.

I purchased my truck, brand new from your dealership, in June 2007. I brought my truck in for the first 5,000-mile service/oil change. Upon picking up my truck I noticed over $10 worth of quarters were stolen from the driver's side door compartment. I complained and even mailed a personal letter to the dealership, addressed to the general manager. I never received a reply, or an apology.

The second time I brought my truck in was in December 2007, for my 10,000-mile service. I took note of the amount of quarters in that same compartment. Upon picking up my truck, I noticed that half of them were stolen. I immediately complained to the service department. I was told the manager was in a meeting and would contact me. He did not return my call, and I was able to speak with him after calling several times.

I also informed my salesman, by letter, after he sent a follow-up letter asking how I was enjoying my truck. I explained both of these situations, yet never heard back from anyone.

In June 2008, I decided to use Hampton Toyota to get my truck serviced again. I previously used dealerships out of Lafayette, but I was tired of the drive and inconvenience of driving to Opelousas or New Iberia. After all, I was not in the wrong. This time I decided to take action to prove the theft. I placed a small digital video camera, clearly visible, in the passenger side inside door handle compartment. Upon me arriving I hit record to see what would happen. I also inventoried everything in my truck, specifically the amount of money inside. The result is on the DVD enclosed. On this DVD you will find the following:

1. The first person to touch my truck was the service manager, Mike (see DVD video #1 "Mike the Service Manager"). He opens my door, puts my keys in the ignition, writes down my mileage, and then removes the keys. Next, he takes a notice in my keys. I keep a red pill vial, used for hikers, on my key chain. I keep personal medication in it for emergencies. He then unscrews the vial, looks inside and smells the vial. Next, he pours them into his hand and inspects them. He then puts them back in the vial and then licks the pill dust from his hand. He then screws the vial back together, replaces the keys, and then writes down the VIN number from the door sticker. Before closing the door, he checks the door compartment where my previous thefts occurred. He closes it without taking anything. He then returns to the vehicle, opens then compartment and proceeds to remove quarters (3 of the 6, totaling $0.75). He then inspects the other contents of the compartment, closes it, and then inspects the bottom door compartment before closing my door.

2. The second person to appear is the unnamed service male (see DVD video #2 "Oil Change Guy"). Upon entering my truck, he places it in reverse and says "ole stupid nigger, back the fuck up." Apparently someone was behind him and he could not back up. He then proceeds to drive my truck around the dealership and into the service garage. Immediately after placing the truck in park, he opens the astray, which contains pennies, nickels and dimes, and visually inspects the contents. Next, he lowers the center seat console, which was raised, and inspects the first compartment. He then opens the second compartment, takes out my CDs and inspects the compartment. He returns the center seat console to the upright position. Next, he inspects the contents of the glove compartment and the compartment above it. He is seen pulling out a personal bag from the compartment to inspect it. He then rolls down the window and inspects the door compartment, which Mike the Service Manager previously stole money from. He drops a small flashlight, which was in the compartment and picks it up off the floor. He then inspects the bottom compartment located in the door.

3. The third guy is the computer technician. He connects the laptop to my truck, located under the steering wheel, and begins working on the laptop. At approximately 3:27 into the video, a male and female voice, is heard coming from the laptop. The audio from the laptop plays the following:

MALE: "I'm sitting here with Violet. How are you today Violet?"

FEMALE: "Pretty good."

MALE: "You doing pretty good?"

FEMALE: "Yeah"

MALE: "So you're gonna do some modeling for us today, huh?"

FEMALE: "Yeah"

MALE: "Yeah, nice. So I see you're wearing a little see-through top. Not bad, nice. A little skirt."

This audio, which is coming from the laptop, is obviously some type of pornographic video due to the language and context in which it was spoken, which is being accessed using the company's laptop.

I have been deciding what to do with this video footage. I would hate for it to go to waste; therefore I have decided to make it available to you. This is not the first time my encounters of theft has been reported. I have complained in person and in writing, yet nothing has been done.

My next course of action is to make it available to the media outlets in Acadiana. Both the local newspapers and TV stations will receive the same DVD and letter I am providing to you. I have already reported this to Toyota, Inc. and am waiting for the southern region representative to contact me regarding this.

Everyone always wonders if the workers dig through personal belongings. I think this DVD not only answers that question, but proves it happens multiple times. Could it be a coincidence that this happened only to me three times?

In closing, I hope you and your management staff find some way to address this with your employees. Customer satisfaction is crucial, especially in slow times like these. I know other customers feel the same, as your Better Business Bureau rating is an F, as verified using the bbb.org website. However, I feel my video will speak more than their report could ever do.

Soon after Jason sent the letter, the owner fired all three employees and the service manager who had ignored Jason's complaint, personally apologized to Jason, and extended the warranty on Jason's truck.

Jason has taken the videos off of YouTube after the dealership resolved his situation, but he said we can post a couple clips he sent us. Here's the repairman snooping through Jason's pill container:

And here's the repairman taking change from Jason's car:

Source: consumerist

Maruti Suzuki launches New "Grand Vitara"

NEW DELHI: The country's largest carmaker Maruti Suzuki India today launched an advanced version of its sports utility vehicle Grand Vitara

,

priced at Rs 16.67 lakh-Rs 17.97 lakh (ex-showroom, Delhi).

"Highly popular the world over, the Grand Vitara is one of the global strategic models in Suzuki Range. For all those customers, who are increasingly looking at SUVs, the Grand Vitara 2.4 offers more power and the best in class 4X4 drive at a highly competitive price," Maruti Suzuki India (MSI) Executive Officer (Marketing and Sales) Mayank Pareek said in a statement.

Grand Vitara would come with a 2.4 litre petrol engine in both manual as well as automatic transmission, the company said.

MSI's parent Suzuki has sold over 25 lakh units of Grand Vitara across the worlds since launch, it added.

Source: economictimes

Exports boost Maruti, Hyundai sales in June

Domestic car majors Maruti Suzuki and Hyundai Motors managed to better their overall sales last month, thanks to a major boost from the export markets of Europe, where a majority of customers have started preferring smaller and more fuel-efficient cars.

Maruti Suzuki (MSIL), India's biggest car maker, posted a growth of 22.6 per cent in sales during June at 75,109 units, 18 per cent of which came from exports. The company had posted total sales of 61,247 units during the same month last year, when exports contributed to under 8 per cent.

MSIL claimed in a release that its new car, A-star, met with an impressive demand in the export markets of Germany, UK, Netherlands, Spain and France. It exported 13,336 units last month as against 4,836 units exported in the same month a year ago.

Similarly, Korean car brand Hyundai Motor India (HMIL) reported total sales of 47,267 units, a growth of 17.63 per cent during June. Exports of the company went up by 32.5 per cent to 24,251 units as against 18,301 units during the two comparable months.

Arvind Saxena, senior V-P (marketing and sales), HMIL, said: “The first half of 2009 sales saw us maintain a strong position in the overseas market, which of course saw a resurgence due to the incentives in many European countries.”

The surge in exports for both companies is a result of a government-driven incentive programme which helps car owners avail financial gains when they trade their vehicle for a new car. This programme is active in countries like Germany, France, Italy and Britain.

Maruti's India sales of 61,773 units sales grew by 9.5 per cent, mainly on the back of a healthy demand for the newly launched compact models like Ritz and A-star, besides the regular models like Swift and Swift DZire. It had sold 56,411 units during June last year.

In comparison, Hyundai's domestic sales grew by 5 per cent to 23,016 units during the reporting month as compared to 21,881 units. The company is hoping that the upcoming budget will provide some incentive to the export segment.

"We hope that in the coming Budget, too, the government will continue the initiatives which it had taken to support the domestic market and would also take some positive steps to support exports,” added Saxena.

Sales of sports and multi-utility vehicles of Mahindra & Mahindra, India's largest manufacturer of utility vehicles, jumped by 56 per cent during June to 17,653 units as compared with 11,311 units. This is primarily due to resumption of production of the Xylo, a multi-utility vehicle, which is witnessing a strong demand.

However, sales of Logan, a joint product from M&M and Renault, slumped to just 501 units as compared with 1,351 units.

Meanwhile, sales of Tata Motors, India's third largest car maker, remained flat with negligible growth. It sold 17,039 units during June as compared with 17,017 units sold in the same month last year. The Indica range outperformed with a growth of 19 per cent at 10,210 units, while that of Indigo and Sumo/Safari declined by 26 per cent and 11 per cent respectively.

New Delhi-based Honda Siel Cars reported a growth of 6.5 per cent at 5,039 units in June as against 4,732 units reported in the same month last year. The company's newly launched super premium hatchback Jazz sold 2,032 units since its launch of June 10.

Jnaneswar Sen, V-P (marketing), Honda Siel Cars India, said: "We are happy at the response received by Honda Jazz. We are sure that the customers of Honda Jazz will appreciate the product and help us win new customers."

Source: Business-Standard

Petrol price up by Rs. 4, diesel by Rs. 2 (India)

Domestic LPG and kerosene spared from the hike

NEW DELHI: Following a rise in the international price of crude oil and the increasing under-recovery of State-run Oil Marketing Companies (OMCs), the United Progressive Alliance government on Wednesday increased the price of petrol by Rs.4 a litre and diesel by Rs.2 a litre.

The hike comes on the eve of the budget session of Parliament. However, domestic LPG and kerosene were spared, keeping in mind the interests of the “aam aadmi.”

The decision to hike the prices was taken at a high-level meeting held under the chairmanship of Prime Minister Manmohan Singh. It was attended by Congress president Sonia Gandhi and Petroleum and Natural Gas Minister Murli Deora.

The hike came into effect from midnight on Wednesday. It is understood that Ms. Gandhi turned down the proposal of the Petroleum Ministry to increase LPG and kerosene prices, stating that these would directly impact the poor and women in particular.

At a news conference here, Mr. Deora said the hike was necessitated because international crude oil prices had doubled to $70 a barrel since December. Interestingly, the government did not even wait for the weekly Cabinet meeting, scheduled for Thursday, to discuss the hike.

Mr. Deora said the government had decided not to raise the domestic LPG and kerosene prices despite the public sector oil companies losing Rs.92.96 per gas cylinder and Rs.15.26 on a litre of kerosene. After the increase, petrol in Delhi will cost Rs. 44.63 a litre and diesel Rs. 32.87.

Limiting losses

Petroleum Secretary R.S. Pandey said this was an ‘ad hoc’ increase in fuel prices aimed at limiting the Rs.170 crore a day loss the Indian Oil Corporation, Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation Limited incurred on the sale of petrol, diesel, domestic LPG and kerosene.

Oil companies were losing Rs.5.82 a litre on petrol and Rs.3.62 a litre on diesel in Delhi, but the hike announced was lower than the desired increase, Mr. Pandey said.

While the revenue loss on LPG and kerosene, which came to over Rs. 30,000 crore for the fiscal, would be met by the government, the same on petrol and diesel would have to be shared by upstream oil firms such as the ONGC, he added.

Vegetables to be dearer

PTI reports:

Transporters are likely to raise freight rates on Thursday after the hike in diesel and petrol rates, a move traders said would increase the prices of fruits and vegetables.

“We will meet tomorrow to take stocks of the situation,” All-India Motor Transport Congress senior official Deepak Sachdeva told PTI.

Asked if freight rates will rise, he said, “We are forced to increase the price. But a decision will be taken tomorrow [on Thursday] by the association.”

Source: Hindu

Citroen GT supercar concept into limited production

Citroen has decided to put the GT supercar concept into limited production, according to senior inside sources.

The project was believed to have been given the green light last week by the company’s product boss Vincent Besson.

However, only six Citroen GTs will be made, all with a price tag believed to be around £1.1 million pounds.

Designed by Takumi Yamamoto, the concept was originally built to tie in with the Gran Turismo 5 Playstation game.

However a senior Citroen source said that most of the concept’s features should make the final production version, including the carbon-fibre construction and eccentric interior details such as the copper trim.

One question mark remaining though is what motor the mid-engined GT will be powered by.

Besson has already admitted that it will either be a Ford or GM V8, with at least 500bhp, possibly allied to a paddle-shift manual 'box.

The engine source and final technical details are likely to be announced when the final production version is revealed at the Frankfurt motor show in September.

Source: AutoCar

Honda CR-Z” – at the upcoming 2009 Tokyo Motor Show

The latest reports from the automobile industry are saying that Honda is gearing up to unveil its hunchbacked hybrid sports car – “Honda CR-Z” – at the upcoming 2009 Tokyo Motor Show in October.

Honda CR-Z, which is currently being designed and engineered in Europe, will be the successor of CRX. It will a next-generation lightweight sports car sporting a new-look grill, aggressive wedged stance, centrally mounted muffler, a rear glass hatch, and LED headlights.

According to the reports, the CR-Z is expected to be equipped with a compact four-cylinder engine smaller than 1.5L and mated to an electric motor. The CR-Z is expected to use a 1.8L engine, or it could be released in different engine variants. The CR-Z with a sub-2.0 litre petrol motor under the bonnet, driving the front wheels is also expected. The combined output for the CR-Z is expected to be around 140hp (105kW), with power sent to the front wheels.

Honda CR-Z CR-Z is expected to weigh around 1270kg. The CR-Z is expected to be released in late 2010 as a 2011 model.

Source: TopNews

Flying car to be unveiled in 2011

An American company Terrafugia Transition, based near Boston, is set to unveil the dual-purpose car-cum-plane vehicle called 'The Flying Car' as early as 2011. The two-seater vehicle can let you fly if you wish to avoid the congested city traffic.

If you want to drive on the road, just touch the road. The vehicle will fold up its wings in 30 seconds and transform itself into a car.

"The Flying Car" can travel up to 725 kilometres in the air at a speed of more than 115 kilometres per hour.

Fuelled by gasoline, it has front wheel drive on the road and a propeller for flight.

With its wings folded, it can be parked in your ordinary car garage.

Its initial cost is expected to be around $200,000 (nearly Rs.1 crore), says the company which has already orders for 60 vehicles.

The CEO of the company told Canadian TV (CTV) network here that they have successfully test-flown "The Flying Car" as many as 28 times.

The tests have shown that the vehicle can drive, fly and switch from being a plane to a car in just 30 seconds.

"It (testing) has been very successful," Carl Dietrich, co-founder and CEO of Terrafugia, told the television network.

" We have got a very good handling vehicle and our test pilot said that the flights were just remarkably unremarkable - it just flies like a really nice, little airplane,” he said.

He said this miracle vehicle will ease problems for pilots who currently face problems like weather which sometimes doesn't allow them to take off or land.

"This vehicle allows a pilot any time, if the weather changes, to divert to the nearest airport, fold up their wings and drive safely under the weather."

"The Transition (the name for "The Flying Car" is not designed to replace the automobile. However, it will solve transportation issues for a variety of circumstances,” company vice president Richard Gersh said.

Asked whether the vehicle will be mass produced one day, he said: "That is certainly a possibility, but a number of years away."

He said the vehicle will be able travel on ordinary roads.

"Our depositors represent a wide-cross section in terms of age, interests, and intended use of the vehicle. We have deposits from both experienced pilots and non-pilots who intend to earn their Sport Pilot certificate," said the vice president of Terrafugia.

Set up in 2006, Terrafugia is run by trained aeronautical engineers and MBAs from the Massachusetts Institute of Technology (MIT).

Source: timesofindia - Youtube

China 'to block' Hummer takeover

A Chinese firm's bid to buy the gas-guzzling Hummer car brand will be blocked on environmental grounds, according to Chinese state radio.

Sichuan Tengzhong Heavy Industrial Machinery emerged as the surprise buyer for the brand earlier this year.

But China National Radio said Hummer is at odds with the country's planning agency's attempts to decrease pollution from Chinese manufacturers.

But Sichuan Tengzhong disputed the accuracy of the radio report.

"The fact that it is from an article from a state media organisation does not mean it is government policy," the company said in a statement.

"Some people may have views and speculation, but the Chinese government has a process that we respect."

The acquisition from General Motors needs Chinese regulatory approval.

'Lacks expertise'

The value of the bid was not disclosed at the time, but analysts say that GM would have made about $100m (£61m) from the sale.

National Development and Reform Commission (NDRC) will also block Sichuan Tengzhong from buying Hummer because the Chinese construction equipment maker lacks expertise in car production, the state radio added.

Sichuan Tengzhong said: "The view expressed on China National Radio's website did not quote or source anyone at NDRC."

"We do not yet have a definitive agreement, but are developing our proposals with GM and Hummer and we will continue to engage with the appropriate authorities in an appropriate manner."

Hummers were originally built as military off-road vehicles by a company called AM General.

GM bought the Hummer brand in 1999.

The brand took off as US consumers flocked to large cars and sport utility vehicles and were favoured by celebrities including Arnold Schwarzenegger.

But sales have suffered as the military image has become less popular and petrol prices surged.

Hummers weigh up to five tons and have fuel consumption of around 15 miles per gallon.

The sale of Hummer, known as "Han Ma" or Bold Horse in China, has been part of GM's plan to reinvent itself by concentrating on fewer brands.

Source: BBC

Pop icon Michael Jackson dies at 50

If tears could build a stairway, I would walk right up to Heaven and bring you home.

May your soul rest in peace : HighThrottle

Popstar Michael Jackson, 50, has died after suffering a suffered a cardiac arrest early Thursday afternoon at his home in Los Angeles, the Los Angeles Times, the Associated Press and other US media outlets reported.

Reports said that when the paramedics arrived, Jackson reportedly had no pulse and that he was not breathing. Once at the UCLA Medical Center, the staff tried to resuscitate him but he was completely unresponsive.

A large crowd of his fans had gathered outside the hospital as news of his death spread.

Jackson was supposed to perform in a series of 50 shows in London starting next month. The shows meant to be his farewell tour had been sold out and had created huge interest in Britain and across the world.

Source: rediff

The fastest woman on track found herself a new sponsor to join the Genuine Yamaha Technology Racing (GYTR)

Looks like the fastest woman on track, as media calls her, found herself a new sponsor to join the Genuine Yamaha Technology Racing (GYTR). LeoVince, the motorcycle exhausts manufacturer who is now title sponsor sponsor of Melissa Paris, is also supporting three teams competing in the World Superbike series.

“We are excited to add Melissa to the group of woman riders that we support, including Elena Meyers who is currently tearing it up in the WERA roadracing series,” says Tim Calhoun, Executive VP of LeoVince USA.

Melissa Paris finished 21st at the 2009 Daytona 200 (highest finish ever by a woman) riding a Yamaha R6. Paris cut her way through the World Supersport event at Miller Motorsports Park on May 31, which will be the first time a woman has ever competed at a World Supersport race.

Click to enlarge [LeoVince, New Sponsor of Melissa Paris - pic 2]

“Miller is one of my favorite tracks and the opportunity to race the World Supersport race there was too good to pass up. We are going to do out best. It's not a factory effort but with the help of LeoVince, GYTR and the rest of my sponsors, I am confident Mark Rozema at Markbilt Racebikes will prepare a great ride for me. I am really looking forward to it,” says Melissa.

Melissa Paris entered her first race in 2004, less than an year after she first throw her leg over a motorcycle. She raced at Streets of Willow Springs, on nothing other than a CBR600RR. By the end of the season she achieved the expert status, but taking the advice of some more experienced friends, she switched to the 125GP class.

Riding a 1998 Aprilia RS125 bike, she secured her first win at Roebling Road in 2006. That was the start of a promising racing career...

Article Source: autoevolution Photos Source: Melissa Paris