Euro auto news

Report: Pininfarina turns first net profit since 2004

Automotive News reports Pininfarina projects it will turn a profit for 2012, thanks in part to debt restructuring. The Italian design studio hasn't seen a profit in eight years, but signed a deal in April to restructure $182.6 million in debt. The move effectively stretched the studio's repayment deadline from 2015 to 2018. At the same time, Pininfarina announced it will likely see an operating loss this year, but a one-time gain of $57.6 million will result in the net profit. Last year, the company lost $8.3 million in the first quarter, though that figure has dropped to just under $4 million during Q1 2012.

Pininfarina also saw its net revenue increase by $2.9 million. The company designs vehicles for manufacturers the world over, including makes like Ferrari, Maserati, Rolls-Royce and Cadillac, though CEO Silvio Pietro Angori recently announced China is set to become the studio's largest market this year. That title was previously held by Germany.

Official: Gazoo Racing drums up twincharged 320-horsepower Toyota GT86

As if turbos weren't enough.

Gazoo Racing (full name: Gazoo Racing Masters of Nürburgring) has unveiled a concept racing version of the famed Toyota GT86 that features both a turbocharger and a supercharger to offer up 320 horsepower and 310 pound-feet of torque.

The car, officially called the Sport FR Concept, oozes high performance out of its fenders and includes Gazoo brakes, spoilers and suspension tuning, according to FT86Club.com. However, few specifics were available.

Toyota teamed up with Gazoo earlier this year to help jump start it's small-displacement engines. Earlier this year, Toyota gave the green light to the iQ Supercharger. Gazoo was expected to build about 100 of those cars.

Official: Toyota GT 86, Lexus LFA racers ready for N"urburgring 24 Hours

Toyota and Lexus are gearing up for this year's Nüburgring 24 Hours. The two companies plan to take to the track with a total of five entries, including four Toyota GT 86 race cars and one Lexus LFA. Prepped by factory tuner Gazoo Racing, the LFA will compete in the SP8 class while two of the GT 86 models will go fender-to-fender in the SP3 class. Those will be joined by two more GT 86 racers built by Toyota Motorsport and competing under the Toyota Swiss Racing Team banner in the V3 class for production vehicles.

Gazoo Racing has already had a little fun at the Nüburgring this year. While competing at two shorter events at the legendary track, the LFA took home two wins. This year's 24-hour endurance race kicks off this weekend, May 17-20. The even will be streamed online here and here. Scroll down for the quick press release.

Continue reading Toyota GT 86, Lexus LFA racers ready for N"urburgring 24 Hours

Official: Renault updates aging Espace in attempt to keep it fresh

The current Renault Espace has been on the market since 2003. Next year that will make it ten years old, which is a long life cycle for any vehicle. But it'll still be a few years until its replacement is ready. So following the facelift it performed on the Euro-market minivan in 2003, Renault is releasing another update.

Refreshed to fall more closely in line with Renault's current styling direction (the company has changed aesthetic strategies a few times since the introduction of the fourth-generation model), the new Espace has a fresh grille that better incorporates a larger emblem than the model it replaces, and it's flanked by new headlights and a new bumper fascia below.

Further details on what else Renault has tweaked will be released in July when it hits showrooms overseas.

Continue reading Renault updates aging Espace in attempt to keep it fresh

Report: Saab union asks Obama to pressure GM for licensing deal

The door has not yet closed on Saab. Hoping for yet another 11th hour stay of execution, the defunct carmaker's chief union, IF Metall, has written directly to President Obama, asking him to intervene, according to Just-Auto. While on the surface, this may seem silly, it's actually rather clever, even if it has little likelihood of working.

With the United States government still owning 26 percent of General Motors, the Swedish union is hoping it can appeal to Obama to pressure General Motors into granting licenses to continue manufacturing Saab vehicles, according to the report. It's this sticking point that has torpedoed every attempt to forestall Saab's dissolution, as GM fears that were it to allow continued production of Saabs developed under GM's ownership, it would open up the possibility of intellectual property conflicts, particularly if a Chinese manufacturer that competes with GM's own Chinese partner, SAIC, acquires Saab.

You have to admire Saab loyalists, as they clearly have not given up hope. But in this case, they just don't have any other options: Unemployment in the Saab hometown of Trollhättan has hit 40 percent, according to the report.

Official: Porsche shows off 918 Spyder Prototype

Porsche has officially put the finishing touches on the first prototypes of the company's 918 Spyder, complete with a black-and-white livery scheme that pays homage to the 917 racers of old. Production is set to commence in a little over a year, and the German sportscar manufacturer says buyers can look forward to taking possession of the first examples by the end of 2013. The plug-in hybrid will command a heady price tag, though. Porsche has confirmed the company will ask a whopping $845,000 per model, each with a 500 horsepower 4.0-liter V8 engine and two electric motors.

Altogether, the gas-electric drivetrain should be good for a 3.1-second 0-60 sprint and a top speed of 199 mph. Perhaps even more impressive is the news that the 918 will be able to propel itself with electric power at speeds of up to 94 mph. That little fact helps account for the news that the vehicle should be able to return around 78 miles per gallon on the EU cycle. Scroll down for the brief press release, but not before checking out the high-res gallery.

Continue reading Porsche shows off 918 Spyder Prototype

Report: Chinese automakers hope to boost exports

We've heard for years that Chinese automakers hoped one day to export their wares to the United States. Ironically, the global economic slowdown could be what gives the Chinese incentive to finally make it happen.

Chinese automakers ramped up production capacity to meet surging demand at home only to see the local economic conditions slow from 30 percent growth in 2010 to just 2.5 percent in 2011. On top of that, the Chinese auto marketplace has now become crowded with foreign and domestic competitors.

"The rapid growth phase of China's auto market is coming to an end, and we see exports as one possible outlet for all the capacity we have built up," Xing Wenlin, Great Wall Motor vice president in charge of overseas markets, tells Reuters. Great Wall's Phenom concept (pictured above) was shown a few years ago as a possible export model.

While most Chinese-made cars aren't up to American quality expectations, developing automotive markets like Egypt, Ukraine, Brazil and Indonesia are clamoring for cheap, reliable transportation. Chinese automaker Chery said earlier this year it would be selling cars in Europe by 2015.

Geely's purchase of Volvo in 2010 has boosted the Chinese company's automotive technology expertise and could help it achieve its goal of doubling exports to 70,000 units this year. While the U.S. is still out of reach for most Chinese automakers, Geely may begin selling a Chinese-made car in the UK by the end of this year. If successful there, a logical next market would be North America.

Vilner takes on the BMW F800R [w/video]

Vilner has taken the time to give the BMW F800R a once over to create the Predator. Built for a wealthy Russian businessman, the machine received a complete aesthetic redesign with plenty of components hewn from carbon fiber.

What isn't stitched from composite is coated in chrome, and the company's engineers set about shortening the bike by almost 10 inches. Vilner also ditched the dual saddle for a single seat variant and remade the headlight array. Red LEDs have replaced the standard bulbs, and a set of repurposed BMW Z4 turning indicators are now part of the action.

The Predator remains largely unchanged mechanically, though Vilner threw in a new, hand-built exhaust system. That means this machine still yields around 87 horsepower from its 800cc engine. Scroll down to check out the quick press release as well as a video of the bike.

Continue reading Vilner takes on the BMW F800R [w/video]

Video: Watch Carlos Sainz flog this Audi R8 LMS around an 80-year-old GP track

Certain videos, when the protagonists speak a foreign language, don't need subtitles: Mexican telenovelas, dolphins in love and auto racing are but three. Although the narration is in Spanish and there isn't any racing in this video of former WRC Champion Carlos Sainz and current DTM driver Miguel Molina lapping the Autódromo Terramar, the action needs no translation.

Terramar, in Spain, is the second oldest racing track in Europe after England's Brooklands, built in 1922 to host Grand Prix cars. Its owner's vision stretched further this his financial backing, so the two-kilometer oval track with 60-degree bankings hosted only one sanctioned race in 1923. After that, it was used sporadically, holding its last event in 1950. It is now part of land used for a chicken farm.

That didn't stop Sainz and Molina from seeing how fast they could lap the 80-year-old circuit in a Red Bull Racing Audi R8 LMS. The video is a bit long, but it's well-shot and definitely worth watching for the high banking and bumpy airborn Audi shots alone. Check out the action by scrolling down to watch the video.

Continue reading Watch Carlos Sainz flog this Audi R8 LMS around an 80-year-old GP track

Ford of Europe's VP of manufacturing leaves after just 5 months

Mike Flewitt, Ford's vice president, manufacturing, Ford of Europe, has decided to "pursue other career interests" according to the company's press release. Jeff Wood, director of manufacturing for Ford's North America operations, will replace Flewitt beginning June 1.

Automotive News reports that the resignation comes after Ford of Europe reported a first-quarter, pre-tax loss of $149 million. The company has also cut working days at plants in Spain and days and production rates in Germany. Ford of Europe CEO Stephen Odell has previously said Ford's second-quarter production will fall by 65,000 vehicles from last year.

Flewitt began working at Ford in 1983 as an assembly plant trainee. Eventually he wound up at Rolls-Royce in 1995 as production director then moved to managing director at AutoNova AB Volvo in 1998 and operations group manager at TWR in 2000. In 2003, Flewitt returned to Ford of Europe as production quality director. Flewitt was installed in the VP position in January, 2012.

Automotive News says Flewitt has left Ford's European headquarters in Cologne, Germany for his UK birthplace.

Read Ford's press release after the jump for details and other personnel news from Ford.

Continue reading Ford of Europe's VP of manufacturing leaves after just 5 months