Ferrari has just announced the official replacement for its 612 Scaglietti model, calling the new FF a revolutionary vehicle. That it certainly is, defying convention with a “shooting brake” style body, and offering both AWD and the company’s HELE start-stop system.

The FF still sits four, and Ferrari claims it does so in added comfort thanks to the new body shape that’s reminiscent of a BMW M Coupe. The rear seats even folds flat to give the exotic machine usable cargo room.

But the FF name stands for ‘Fast Four’ highlighting the brand’s first ever all-wheel drive system. Called 4RM, Ferrari claims it weighs half that of a conventional system and allows for a 47:53 weight distribution. That helps keep the overall curb weigh of the FF down below 4,000 lbs., over 100 lbs less than the 612.

As for power, it comes from a direct-injection 6.3-liter V12 engine with 651-hp and 504 ft lbs of torque, enabling a 0-62 mph time of just 3.7 seconds.

But that’s not all, with the FF promising improved fuel economy and reduced emissions thanks to the company’s HELE (High Emotion Low Emission) system that cut emissions by 23 percent in the California HELE Concept. While Ferrari hasn’t release full details on the extent of the system in the FF, in the California it includes a start-stop setup, electronic air conditioning, as well as different transmission controls.

Ferrari will release additional information at the car’s world premiere at the upcoming Geneva Auto Show in March. Until then, check out the full gallery below and see AutoGuide’s 2011 Geneva Auto Show preview here.

GALLERY: Ferrari Fast Four

Official release after the jump:

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Chevrolet has announced that the Camaro SS Convertible will be the official 2011 Indianapolis 500 Pace Car. White with orange stripes, the car is styled after the ’69 Camaro pace car with 50 special edition models slated to be built.

The first of the 50 will be auctioned off through the Barrett-Jackson Scottsdale event this Saturday, with the car being officially unveiled there tonight.

All proceeds from the sale will go to the David Foster Foundation, which works to help the families of children who need organ transplants.

As for the car itself, along with the Summit White paint and orange stripes, it gets the obligatory door graphics, orange leather interior, white door panels and instrument trim with orange stripes. In short, it’s about the only thing more badass than the three wolf moon shirt.

GALLERY: 2011 Indy 500 Chevy Camaro SS Convertible Pace Car

Official release after the jump:

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If your name is Ishmael or Ahab and you’ve always wanted to own a Panamera nicknamed Pequod, then Edo Competition’s newest Panamera build is perfect for you. If not and you’re just a Porsche Panamera owner looking to enjoy 750-hp, then Edo Competition’s Moby Dick Panamera will still do the trick.

Edo Competition is laying claim that this is the most powerful Panamera yet, enhancing the factory 500-hp of the Panamera Turbo to a powerful 750-hp (a 50% increase!). This brings its 0-62 mph time to under 4 seconds. The tuning specialist achieves this through undisclosed modifications (we’re guessing more boost and fuel along with ECU tuning) but does make mention in their press release that the Panamera comes with a redesigned exhaust system.

On the outside, Edo Competition outfits the Panamera’s aesthetics with an aerodynamic package which includes a new rear valence for the mentioned exhaust system. The vehicle was also lowered on 22-inch wheels and Edo Competition offers the option to paint the wheels any finish the customer requests.

The Moby Dick Panamera also gets its fair share of custom interior modifications based on the owner’s requests. No pricing was announced, but we’re assuming Edo Competition tackles each of their vehicle builds as a project-by-project basis.

GALLERY: Edo Competition Porsche Panamera Moby Dick Edition

The Aston Martin Cygnet, the British luxury brand’s take on the Toyota iQ, is almost ready to go on sale, and the ultra-lux city car will start £30,995, or about $50,000 USD.

Using the 1.3L Toyota engine and a 6-speed manual or CVT gearbox, the iQ’s 11 second 0-60 sprint is decidedly not Aston-like in its performance, but the city car represents a new market for Aston, as well as a way to get around average fuel economy regulations such as America’s CAFE standards.

[Source: Carscoop]

[Source: Autoblog]

GALLERY: McLaren MP4-12C

Mitsubishi‘s American plant will transition from making less-than-thrilling cars like the Eclipse and Endeavor SUV to producing vehicles for the global market.

The transition will occur in 2014 as part of its new business plan. The vehicles will share a common platform with the Lancer compact car and Outlander crossover. Along with the Eclipse and Endeavor, the Galant mid-size sedan will also be axed.

Mitsubishi President Osamu Masuko said that an onslaught of all-new product will be made available to replace the discontinued vehicles. Osamu was vague with details but said that the “global small car” previewed this month would make it, along with the fully electric Mitsubishi i-MiEV, which would inexplicably be called “i powered by MiEV” in America. In addition to the i-MiEV, Mitsubishi is hoping to launch 8 EVs or plug-in hybrids by 2016.

[Source: Automotive News]

If you are the extraordinarily wealthy parent of an over-indulged child that loves pre-WWII race cars, then boy do we have something for you.

Audi is showing off a miniature Auto Union Type C race car that uses electric power for motivation. Audi already sells a 1:2 scale Type C as a pedal car, but this version has an aluminum and carbon fiber body and can hit 19 mph and travel about 15.5 miles. Charging takes two hours, which is fairly reasonable. But the $15,841 price tag is not.

[Source: AutoExpress]

Daewoo, one of South Korea’s most famous nameplates, is being retired by parent company General Motors, in favor of Chevrolet. GM is hoping to make Chevrolet a global brand, and the move fits in with their overall strategy.

Daewoo has a deservedly poor reputation in the United States for making and selling cars that were less than stellar, but the firm has made enormous strides, becoming an invaluable engineering arm for GM’s small car division. But despite their laudable work behind the scenes (such as playing a huge role in developing the Cruze, Spark and Sonic small cars), the new company, known as GM Korea Co., will be undergoing a radical transformation this year.

The biggest marker of change will be the launch of the Camaro in Q1 of 2011, along with a refresh of 8 other vehicles. “We have studied the brand issue in depth for a long time and have come to the conclusion that launching a new brand strategy and making Chevrolet our primary brand is good for all stakeholders, including especially Korean consumers,” spokesman Park Haeho said.

Daewoo only has 9 percent market share in South Korea, compared to Hyundai’s 47 percent and Kia’s 33 percent. GM is hoping to increase it to 10 percent, despite Daewoo being a Korean nameplate in a market where domestic cars are heavily favored.

[Source: Automotive News]

Kia‘s Rondo small minivan and Borrego SUV have been dumped from the U.S. lineup, ostensibly after slow sales forced Kia to cease importation.

Although originally reported by Automotive News, Kia declined to comment on the matter. The Borrego was never a strong seller in the U.S., although the large SUV, along with the Rondo small minivan will continue being sold in Canada and other markets. The Rondo is successful north of the border, and with the arrival of the Ford C-Max and Chevrolet Orlando (also exclusive to Canada), the car’s future looks pretty solid in that market.

If you ask the folks at Porsche‘s marketing department, they’ll tell you the German sports cars are an unforgettable driving experience. And we agree.

That, however, is not the case for Jermaine Pennant, a British soccer player who recently admitted to forgetting he even owned one.

According to Spanish newspaper Marca, Pennant was only reminded of his pricey purchase when his old Spanish club, Real Zaragoza, called him after finding the machine in a train station parking lot… five months ago!

In more recent reports Pennant has denied forgetting he bought the car. He does, however, admit to forgetting where he parked it. (We’re not sure what’s worse).

[Source: The Independent]