Chrysler’s deputy CEO Jim Press is planning to quit his post before the year’s end, reports the Wall Street Journal.

Press took the helm of Chrysler in 2007 when Cerberus Capital Management took a controlling share in the company. He moved to the position after a lengthy 37-year career at Toyota Motor Corp.

When Chrysler emerged from Bankruptcy in June under new ownership by Fiat, Pres was made deputy CEO under the leadership of Fiat boss Sergio Marchionne. Under the old Chrysler System, Press worked alongside former Chairman Robert Nardelli and vice-chair Tom LaSorda. But when Chrysler filed for bankruptcy LaSorda announced his retirement. Then upon emerging from bankruptcy under the ownership of Fiat, Nardelli also stepped down.

Neither Press nor Chrysler have made any official announcements regarding Press’s decision to leave.

[Source: Automotive News]

Car owners hoping to take advantage of the “cash for clunkers” incentive program will have to do it by this Monday (Aug. 21) at 8 p.m., as the Obama Administration shuts down the popular program.

U.S. Transportation Secretary Ray LaHood said the Car Allowance Rebate System (CARS), offering incentives for trade-ins, should have enough funding to support one more weekend of sales. Earlier this month, the U.S. government pumped $2 billion into the program on top of the original $1 billion in funding. At the time, LaHood estimated the total $3 billion in funding would last until Labor Day. Looks like LaHood was off by a couple of weeks.

LaHood said there are no plans to expand the program again, but some representatives, including Democrat Sander Levin or Royal Oak, Mich.,  say Congress should add another $1 billion into the program.

[Source: The Detroit News]

Porsche’s new CEO, Dr. Martin Winterkorn, has declared that he expects Porsche to double its annual sales in the next four years.

Winterkorn, who also chairs Germany’s largest automaker Volkswagen, has bold ambitions to expand Porsche’s market share by increasing sales units to 150,000 annually.

While the Cayenne SUV helped Porsche to almost double in size, similar results are expected of the new Panamera sedan. Porsche has so far listed expected sales units for that model to be reasonably low, but that will change once it introduces more affordable V6 powered models.

Reaching that goal, however, will in all likelihood be impossible without additional platforms, leading to increased speculation that Porsche will introduce a model below the Boxster - likely based on the VW Blue Sport concept. Additional sales volume, however, could more easily be made up through the introduction of a more entry-level crossover, which would slot in under the Cayenne. The possibility here, of course, is that this new baby Cayenne would be based on the same architecture as the newly released Audi Q5.

No doubt Porsche purists will not like this news, much in the same way that they threw up their arms in disgust over the Cayenne – a vehicle was necessary to save Porsche from bankruptcy.

[Source: LeftLaneNews]

California-based Tesla Motors has just released a new selection of dynamic photos of its upcoming Model S electric luxury sedan.

With a range of 300 miles on pure electric power and a 0-60 mph time of 5.6 seconds, the new Model S will provide a more functional alternative to the original Tesla Roadster which only has two seats. In fact, the Model S will hold five adults as well as two children in rear facing seats.

The interior will be luxurious with a 17-inch touch-screen display to control most of the car’s interior convenience features.

A rear-drive and an all-wheel drive version will be offered with a starting price of $57,400, which is reduced to just $49,900 after a $7,5000 federal tax credit.

The Model S is scheduled to go into production in the third quarter of 2011 as a 2012 model.

GALLERY: Tesla Model S

With rumors abounding that Lamborghini has already held a private unveiling for the Reventón Roadster at its factory in Sant’Agata, the official public debut is expected at the Frankfurt Auto Show next month.

The drop-top Reventón is rumored to be made in even more limited numbers than the coupe, with just 10 versions being built. And while the coupe model looked wild, but didn’t really offer any performance gain over the standard LP640, the Roadster is expected to get theLP670 SV’s 6.5-liter V12 with 670hp and 487 ft-lbs fo torque, enabling it to hit 62 mph in 3.2 seconds and a top speed of 212 mph.

Pricing is expected to be rated at roughly 1.15 million Euros, although if you haven’t already put down your deposit, you’ll have to wait for a second-hand version, as all 10 units are being pre-sold.
[Source: LamboCars]

The Scion brand is all about being youthful, modern and relevant. But apparently no one told that to the tC. Once a rival to Honda’s Civic Coupe, the tC has outlived its stay with (so far) a six year production cycle. As the brand’s flagship it has even been surpassed by the edgy xB.

In a recent interview with AutoWeek about the upcoming Scion iQ, the company’s VP Jack Hollis said that, “the next-generation tC is our top priority now.”

The exciting news is that the next tC is expected to be powered by the same 2.7-liter four-cylinder that is making its way into most of Toyota’s vehicles. With the displacement increase from the old 2.4-liter four-cylinder, horsepower should rise as well, from the current 161hp, much closer to the 200hp mark.

A high-horsepower model is something Scion customers have expressed considerable interest, says the brand’s manager Dawn Ahmed, citing a hybrid model as the next most popular demand.

Hollis insisted that future Scions will continue to have just one trim level and a long list of aftermarket options will be made available to them. He also said that it’s unlikely for Scion to expand above the sub-compact segment or to use anything larger than a four-cylinder engine.

As for that new tC, Hollis says a redesign is due out in 2010 as a 2011 model.

[Source: AutoWeek]

It’s official, Honda will debut the 2010 Accord Crosstour on September 1st and it will have… wheels and… tires. OK, so Honda’s teaser image isn’t much to go on, but knowing these sorts of manufacturer images, it was either this or some abstract of a headlight or door crease.

Besides, spy photos of the upcoming crossover have already given us a good idea of what it will look like.

While Honda has yet to confirm any details, it is expected that the Crosstour will be offered exclusively with the Accord’s 3.5-liter V6 engine and a choice of either front-wheel or all-wheel drive. Pricing is expected to be slightly more than the Accord sedan, starting at around the $30,000 mark ($35,000 CDN).

The only details that have leaked out about the crossover so far are that it is reportedly 2.5-inches taller than the Accord Sedan, while measuring 7-inches longer than its main rival, the Toyota Venza.

As the name suggests, it will be part crossover and part “tourer,” which, in Europe, means wagon. That being said, it will also be an ideal competitor to vehicles like the Subaru Outback.

GALLERY: Honda Accord Crosstour Spy Photos

In true Gemballa fashion, the German Porsche tuner has just released details of its extreme ‘Mistrale’ transformation for the new 2010 Porsche Panamera.

Taking hints from the classic 911 design as well as from the company’s own Mirage GT (a modified Carrera GT), the Mistrale features a new front bumper with a gaping front air inlet. The new bumper also features a new carbon fiber lip, as well as a new vented hood to keep the big V8 engine cool under extreme operation. Gemballa has added wider fenders to help make room for a set of massive 22-inch wheels. Out back a new rear bumper with integrated diffuser also features four integrated exhaust pipes.

To further improve the performance of the Panamera, Gemballa offers a 6-piston front brake kit with massive 16.5-inch rotors and 4-piston calipers with 15-inch rotors behind.

Also available is reprogrammed unit for the air suspension that helps the Panamera sit 40mm (almost 2-inches) lower. There is also an available coilover suspension for more extreme performance.

And speaking of extreme performance, Gemballa will offer engine packages for the Panamera with output of up to 750hp – a 50 percent increase over the Panamera Turbo’s stock 500hp!

GALLERY: Gemballa Mistrale

Official release after the jump:

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The next generation BMW 5 Series will be offered with not just one, but two hybrid powertrains.

According to the BMWBlog’s company insiders, the two hybrids will follow two very different paths, with one using a similar setup to the ActiveHybrid 7 Series and the other following in the footsteps of the X6 ActiveHybrid, but with a 3.0-liter diesel V8 in place of the X6′s V8. That being said, it’s unlikely the diesel motor will be sold in North America.

Design wise, the next 5 Series is expected to look smaller, to help differentiate it from the large Audi A6 and Mercedes E-Class. To help achieve this goal it will use an elongated version of the twin-kidney grille.

As for the rest of the design, it is still a mystery, but it is expected that very few of the 5 Series GT’s body panels will be used on the standard 5 series.

BMW also plans to make the vehicle lighter than its predecessor by using new processes to manufacturing the chassis, while using lighter materials for things like the water pump and transmission case. In addition, aerodynamics will be improved though a new wheel design that will cut down on drag at speed.

We expect to learn more about the upcoming 5 Series at next month’s Frankfurt Auto Show.

[Source: BMWBlog]

Earlier today German federal prosecutors raided Porsche’s offices in Stuttgart in search of documents that would reveal illegal business practices. The raid stems from Porsche’s failed takeover attempt of Volkswagen, with the prosecutors office alleging, “a breach of public disclosure requirements and market manipulation.”

In a statement released by Porsche the German sports car maker said that documents were sized but that it denies the accusations and has agreed to cooperate fully with the prosecutors office.

German newspaper Die Welt has reported that both former CEO Wendelin Wiedeking (pictured above) and former CFO Holger Haerter are being investigated for insider trading.

Both men were recently ousted from Porsche by the company’s board after the failed attempt to take over Volkswagen was settled with a merger of sorts. In the process, however, Porsche accumulated a 51% share of Volkswagen stock.

[Source: BBC and WAtoday]