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Ithaca Energy says Valiant takeover puts it on track to create mid-cap producer

ABERDEEN, Scotland - Ithaca Energy Inc. (TSXV:IAE) says the integration of recently acquired Valiant Petroleum PLC is progressing well, putting the combined company on track to be a mid-cap North Sea oil and gas operator. Calgary-based Ithaca says it had $59.8 million of revenue in the first quarter ended March 31, before the deal closed on April 13, but the combined company would have had revenue of $150 million.

High-flying Ferrari to protect brand by making fewer cars

By Jennifer Clark MARANELLO, Italy (Reuters) - Ferrari will cut production by at least 4 percent in 2013 to preserve the exclusivity of its brand but still hopes to increase profits, its chairman said on Wednesday. Predicting the Italian luxury carmaker will continue to flourish while the global economic outlook remains uncertain, Luca Cordero di Montezemolo said that, despite growing sales, production would drop to less than 7,000 vehicles.

AP IMPACT: Global automakers' deadly cars drive up Brazil's traffic fatalities

SAO PAULO - The cars roll endlessly off the local assembly lines of the industry's biggest automakers, more than 10,000 a day, into the eager hands of Brazil's new middle class. The shiny new Fords, Fiats, and Chevrolets tell the tale of an economy in full bloom that now boasts the fourth largest auto market in the world. What happens once those vehicles hit the streets, however, is shaping up as a national tragedy, experts say, with thousands of Brazilians dying every year in auto accidents that in many cases shouldn't have proven fatal.

Rocky road for electric car market

The road has gotten bumpier for electric cars. Coda Automotive, one of what had been a promising crop of electric car startups, filed for bankruptcy protection this month, and said it would reorganize around the electric storage market. High-end electric car maker Fisker Automotive, which has had financial woes for months, announced meanwhile it was laying off 75 percent of its workforce, raising the prospect of defaulting on US government loans.

Rocky road for electric car market

The road has gotten bumpier for electric cars. Coda Automotive, one of what had been a promising crop of electric car startups, filed for bankruptcy protection this month, and said it would reorganize around the electric storage market. High-end electric car maker Fisker Automotive, which has had financial woes for months, announced meanwhile it was laying off 75 percent of its workforce, raising the prospect of defaulting on US government loans.

Tesla first-quarter profit tops forecast, lifts sales outlook

By Deepa Seetharaman DETROIT (Reuters) - Tesla Motors Inc <TSLA.O> reported its first-ever quarterly profit on Wednesday, trouncing Wall Street estimates, as the 10-year-old automaker delivered nearly 5,000 Model S electric cars during the first three months of the year. The company, led by billionaire Elon Musk, said it expects to deliver 21,000 Model S cars worldwide, up 5 percent from its earlier target of 20,000. Eventually, global demand for its Model S electric car may surpass 30,000 vehicles a year, it said.

Chrysler recalls nearly 470,000 Jeep SUVs because they may shift into neutral on startup

DETROIT - Chrysler is recalling 469,000 Jeep SUVs worldwide because they can shift into neutral without warning on startup. The recall affects 2005 to 2010 Grand Cherokees and 2006 to 2010 Commanders. U.S. safety regulators say cracks in a circuit board can cause a faulty signal as the SUVs are being started. If the vehicles shift into neutral they can roll away. Chrysler says the problem has caused 26 crashes and two injuries.

VW wows festival crowd with super GTI concept

The Design Vision GTI is based on a standard Volkswagen Golf and was built specifically for the marque's biggest fans at their yearly gathering.

VW wows festival crowd with super GTI concept

The Design Vision GTI is based on a standard Volkswagen Golf and was built specifically for the marque's biggest fans at their yearly gathering.

US safety regulators investigate low-beam headlight failures in Chevy Corvette sports cars

DETROIT - U.S. auto safety regulators are investigating complaints that the low-beam headlights can go dark without warning on some Chevrolet Corvettes. The probe by the National Highway Traffic Safety Administration covers more than 103,000 Corvettes from the 2005 through 2007 model years. The agency says it has gotten 30 complaints from owners about low-beam headlight failure. No crashes or injuries have been reported. But in one case a driver ran over a discarded tire while trying to pull off the road.
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