According to news reports, Daniel Akerson, 51, has been selected as the new CEO of General Motors Co. He is to replace Edward E. Whitacre Jr.

Daniel is from a finance background and is known for his serious approach towards work. Though he is highly ambitious, he doesn’t have any experience in leading a car manufacturing Company.

Peers and associates believe that Akerson with his no-nonsense style of working would reshuffle GM's dull culture and drive the firm in the direction of continuous success.

It has been no less than five months since inspectors started scrutinizing safety issues which were related to the vehicles manufactured by Toyota Motor Corp wherein U. S. safety officers are yet to locate new kind of errors and faults in vehicles made by Toyota, apart from the errors that have been reported by the manufacturer itself.

It seems Chrysler is coming back on the track after it faced lashes on its sales and financial results in 2007. Since then, it has been making losses. But, its second quarter results, announced on Tuesday, brought a sigh of relief for the Company, as it reported less fraction of losses, thanks to its strapping sales.

The losses in the second-quarter dropped to $172 million from first-quarter loss of $197 million.

On Monday, owing to ignition problems in its vehicles, Honda has recalled a total of 427,000 motor vehicles in the United States and Canada. In the U. S., around 197,000 Accord and 117,000 Civic cars that are 2003 models were recalled from the market, in addition to 69,000 Element vehicles from the year 2003 and 2004.

This is the third time that Honda has announced a recall regarding this problem. Prior to this, two recalls were declared in the year 2003 and 2005.

William Clay Ford Jr., Executive Chairman of the Ford Motor Company was going to be paid for the first time ever since 2005, said the firm.

This was so because now the Company had earned profits for no less than one year.

The great grandson of Mr. Henry Ford would be paid $4.2 million in cash in this year and also with that, he will be offered stock options that are valued at $11.6 million, as disclosed by the firm while filing with the Securities and Exchange Commission.

Sales of new cars in Britain tumbled in July for the first time in over a year following the end of the car scrappage scheme.

New car sales dipped 13.2 per cent in July over 20,700 as compared with the corresponding period of last year.

The so-called car scrappage scheme ended four month ago. The car scrappage scheme was introduced at the peak of recession to offer subsidies on buying new cars in exchange for trading in ten-year-old vehicles.

Sales of mini and super-mini cars, which benefited excessively from scrappage, slipped considerably in July.

On Thursday, Ed Whitacre, Chief Executive, General Motors announced at the Center for Automotive Research's annual industry conference that they want to shun the Government assistance and again wants to make GM an independent private entity.

Near in the future, the Company will come up with its IPO to raise funds to relieve the bailout provided by the Government in the form of 61% equity stake valuing $43 billion, which changed GM from a private Company to a public Company.

The Britain's car market tapered in July for the initially time in more than a year however the carmakers expressed that they still anticipated that the market to conclude the year elevated than in the year 2009.

After 12 succeeding monthly escalation, registrations of latest cars dwindled by 13 per cent to 20,703 units previous month contrasted with July 2009, hugely mirroring the car scrappage financial support that were still in position a year ago.

Shares of Seoul slightly rose on Wednesday backed by the gains of Kia Motors, who had strong July sales in the US. But according to the US economic data, rises are weaker than estimated.

The Korea Composite Stock Price Index was increased by 0.14% at 1,793.14 points. For automakers with North American and the U. S headquarters in Orange County, July was witnessed as another profitable month.

Fountain Valley based Hyundai Motor America has sold 54,106 vehicles in July and set a record, as there is an increase of about 19% in sales, as compared to the same month a year ago.

Auto sales in the United States of America jumped up by 5% for the month of July, which looks like an uneven recuperation that had left Toyota Motor Co. and Honda Motor Co. gasping to regain the strong losses, which it witnessed a year ago.

The two auto manufacturers in the U. S. are managed and run through the funds offered by the Government, where General Motors Co. and Chrysler reported advancement in sales of 5% each, respectively.

The best gains received were by Hyundai Motor Co., where its sales climbed up 19% and Nissan Motor Co. touched 15% hike in its sales scenario.

The UK arm of Abarth announced the pricing for its 695 Tributo Ferrari, which will be launched in the UK as a right hand drive version.

The 695 Tributo Ferrari will be available for 35, 500 euros (equivalent to 29,600 pounds) on special order only as only 152 units of this car are allocated for the UK market.

A legal complaint was filed on Monday that accuses Toyota Motor Corp. of having complete knowledge about the electronic troubles long before a lot of acceleration high-profile instances took place, which compelled world-wide recalls of many vehicles.

The complaint has been filed in the Central court in Santa Ana, California, which alleges that Toyota had information about the electronic chokes which were in all likelihood going to experience abrupt acceleration than the vehicles without them.

Porsche's supervisory board has given approval for the production of the Porsche 918 Spyder hybrid concept car, which was displayed at this year’s Geneva Motor Show.

The Porsche 918 Spyder, manufacturer’s first plug-in hybrid vehicle, has CO2 emissions of just 70g/km and can accelerate from 0-60mph in just 3.2 seconds.

The Porsche 918 Spyder is a mid-engined plug-in hybrid will feature Porsche Intelligent Performance hybrid system. It will be developed in Weissach and assembled in Zuffenhausen, outside Stuttgard, Germany.

The market leader in the passenger car segment, Maruti Suzuki is planning to launch the new variant of the Alto with the K-series engine on the 4th of August this year.

It is to be mentioned here that the company is aiming to bank close to 30% additional volumes with the launch of the new model in the Indian market. There is no denying to the fact that Alto has been the largest selling passenger car in the Indian market for the past many months and is expecting to do so with the launch of the new variant.

After regaining its pole position in the Indian luxury car segment, Mercedes-Benz is in no mood to stay complacent as its tries to stay ahead of its competitor BMW in the Indian market. It is to be mentioned here that the company was piped off by BMW at the end of 2009 but it surely made a commendable comeback in the Indian market and has aggressive plans for the future.

Apart from starting a second shift at its Chakan plant, the company said that it will continue brand spend to stay ahead of competition in a market that is slated to grow at 50 percent this year.