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News watch Sept 2010: today's auto industry news

Welcome to CAR Magazine'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-hour Wednesday 29 September 2010• Porsche today posted record turnover, off the back of rising sales. It announced an 18% leap in annual turnover to €7.8 billion while sales rose 9% to 81,500 vehicles, up from 75,238 the previous year.

Concept Car of the Week: Pininfarina Ferrari 512S Berlinetta Speciale (1969)

Back in 2001, Filippo Sapino retired from his position of managing director of Ghia S.p.A after over 30 years with the company. During this time he oversaw the development of production cars and wild concepts as well as forging a long partnership with Ford Motor Company. Yet before his illustrious career at Ghia, Filippo spent a couple of years at Pininfarina where he enjoyed great freedom of creativity.

Ford reaches agreement to sell Volvo to Geely for $1.8 billion

Ford has reached an agreement to sell its Swedish brand Volvo to Chinese carmaker Geely for about $1.8 billion in a multinational sale expected to close in the third quarter of this year. The pending agreement was announced onSunday morning, and Ford will continue to supply powertrains, stamping and other parts to Volvo after the sale. If it closes, the landmark deal delivers the premium Volvo brand--long a benchmark for automotive safety--to a Chinese firm that has ambitious plans for growth.