India is one of the most populous countries in the world, and with its economy growing year by year, the number of rich people are on a constant rise.

To capitalize on India’s new found wealth, Ferrari has now officially opened doors to its first ever dealership in the country. The dealership is located in the city of New Delhi, a city best known for its Bollywood film studios.

The grand opening which was attended by local and international media, was hosted by Ferrari CEO Amedeo Felisa, Ferrari Commercial and Marketing Director Enrico Galliera, and Ashish Chordia, Chairman of the Shreyans Group, the official Ferrari importer to India.

India is the 58th country where Ferrari’s are officially sold. The well-to-do have owned Ferrari’s in India before, but those cars came through specialist importers.

Indian customer’s will be able to order any of the new Ferrari models, but due to the country’s high tax on imported vehicles, the cheapest model, the California, will be priced at $485,300. The same model in the U.S. starts at $192,000.

With clients spread all across the nation, Ferrari plans to open more dealerships in India over the next three years.

Volkswagen has just released official pricing on its all new 2012 Passat mid-size sedan, undercutting last year’s model by roughly $7,000. The new sticker price comes in at a hair under the $20K mark ($19,995) although after destination it will be $20,765; helping VW compete in a market alongside models like the Toyota Camry, Honda Accord and Hyundai Sonata.

The base Passat S gets the company’s 2.5-liter 5-cylinder with 170-hp along with dual-zone climate control, the usual power group, Bluetooth and steering wheel mounted audio controls.

That base price does, however, come with just a 6-speed manual transmission and anyone who wants to upgrade to an automatic will have to spend an additional $2,700 – totaling $23,460 with destination. Numerous options can be added on to deliver a max price of $30,665.

Passat TDI models come equipped with the automaker’s 2.0-liter turbocharger diesel 4-cylinder making 140-hp and 236 lb-ft of torque and is priced from $26,765. Like with the rest of the VW lineup, the added cost of the diesel model is absorbed into a high-grade package with 17-inch wheels, a leather wrapped steering wheel and some upgraded trim with leatherette. Those wishing for a dual-clutch automatic will have to pony up to $28,665.

For $29,765 you can upgrade to the 3.6-liter V6 Passat with 280-hp, a six-speed dual-clutch automatic transmission, leatherette seating, a sunroof, upgraded audio and interior trim.

GALLERY: 2012 Volkswagen Passat

Looks like somebody at General Motors got the memo about Corvette owners being aging, denim-swathed lotharios. And to better target the sort of young trendsetters posing in Porsches, Ferraris, and Lamborghinis, GM is planning to give some European substance to the Corvette in the form of a smaller turbo V8.

That somebody is Mark Reuss, by the way—GM’s North American president who stated that the seventh-generation C7 Corvette will be “completely different” than the current model. He helped approve plans for a smaller-displacement, higher-revving V8 that would shake up many of the key characteristics that have defined the Corvette over the years. For example, instead of pushrods and overhead valves the new V8 would be an OHC. Instead of the adage “there’s no replacement for displacement,” the V8′s size would be cut down from 6.0 liters to half that size.

And for the first time in its 60 years, the ‘Vette would get turbo motivation—for a flat torque curve and more usable performance in different driving conditions. In total, the new engine should deliver 400 horsepower minimum, and at a projected 3 liters it would churn out 125 horsepower per liter while revving as far as 10,000 RPM.

With these high-tech powertrain advancements, Reuss wants to “target a very different sort of buyer for the next Corvette.  Let’s face it, the current customer is getting old.” Still, the traditional OHV engine will be offered with more engine choices across the board than there are now. And as far as styling goes, it would be kept traditional and draw cues from legendary bygone models. Lastly, the oft-criticized interior will be “world-class,” says Ed Welburn, GM’s global design chief who is personally overseeing its interior redesign.

Now would be a good time to revisit those fun mid-engine rumors that have fueled Corvette concepts since the 80s. What’s next—Porsche captures the displaced, aging baby boomers by giving the next 911 a HEMI engine mounted way up front somewhere? Stranger thing have happened in the automotive world, and enthusiasts have burned down castle gates over less.

[Source: The Detroit Bureau]

An international gang of thieves operating in New York City managed to steal nearly 300 vehicles, shipping them off around the globe before finally being busted by police.

The 19 thieves targeted luxury SUVs such as Range Rovers, taking orders for specific models from potential buyers around the country and overseas. The crew would then go about producing illegal paperwork, including fake titles and registrations. Two Toyota dealer employees gave master key codes to locksmiths to unlock the vehicles. Within 48 hours, the stolen cars would have their VINs stripped and be bound for destinations as far-reaching as Africa, Yemen, and Afghanistan, complete with forged paperwork.

The NYPD’s auto crimes division took 10 months to investigate the group before making arrests, and now ringleader William Cruz is awaiting trial at Rikers Island, along with 2nd-in-command Michael Torres.

[Source: NY Daily News]

Toyota’s plans to resume full production capacity have been reported pretty frequently, but they are moving on track faster than those reports suggest: the world’s largest automaker believes that it can bring Japanese production back to 90% of pre-earthquake levels, by next month.

Toyota also believes that given until August, production will be right where they left off before the earthquake of March 11th. Previously, CEO Akio Toyoda had claimed that production would be at 70% by summertime, already an improvement by two months. Now, it seems Toyota is projecting even more success on their production goals.

[Source: The Truth About Cars]

Sales of luxury cars have been slipping for some time now. No surprise there—we may not be living in refrigerator boxes (with decent Wifi connections, hence you reading this post), but we’re not completely over the 2008 recession. And yet, luxury cars have sunk even lower in the market for some time now, and not just for obvious reasons.

In the first quarter of 2010, luxury car sales were up 8 percent. So what’s the problem? Well, the rest of the light car market grew by 26% in that same period—which means that the luxury market decreased about 1.5%, from a former share of 9.4%.
Polk Research, the firm that organized these sales trends, points to five categories within the luxury-car market: Basic, for entry-level cars like the Nissan Maxima and Infiniti G37; Mid, like the Cadillac CTS; Prestige, like the Lexus LS; Prestige Sporty, like the Porsche range; and Roadster, like, well, the Mazda MX-5. The American luxury market mostly consists of the first two categories, for an 82% lion’s share, and the Cadillac CTS is the best-selling luxury car in America, at 7%.

Even Basic Luxury sales are dipping, by about 10% from 2010 to 2011. So aside from the recession, why is nobody buying lugg-jury anymore? Polk researchers believe that it’s because the styling and features once available in luxury cars are trickling down to more affordable cars. When even a Ford Focus comes with rain-sensing wipers, once only available on the 1996 Cadillac Deville Concours d’Elegance, the need for people to drop thousands more on envy-inducing ostentation wanes. And when even the Hyundai Sonata comes with Bangle-inspired “flame surfacing,” well, it only reinforces the other reasons Polk listed, such as rising gas prices and the inevitable post-recession spending guilt.

Damn, it may feel good to be a gangsta, ridin’ around town in a drop-top Benz, but as another rapper put it best—pimpin’ ain’t easy.

[Source: Polk]

The 2012 Hyundai Genesis sedan has officially been launched and priced at $34,200. The 2012 Genesis which debuted at the 2011 Chicago Auto Show, received minor changes to the interior and exterior, but the big change is the engine.

For $34,200, the base Genesis is available with a direct-injected 3.8-liter V6, rated at 333-hp and 291 lb-ft of torque, up 43-hp and 27 lb-ft of torque. This engine is mated to a new eight-speed automatic transmission, and the car can achieve 29 miles per gallon on the highway.

The next step up is the Genesis 4.6 starting from $44,500. This engine will produce the same numbers as 2011 with 385-hp and 333-lb-ft of torque mated to an 8-speed automatic transmission.

For 2012, Hyundai has introduced the new 5.0-liter direct-injected V8 R-Spec model. Coupled to the new eight-speed automatic, this engine will produce a whopping 429-hp and 376 lb-ft of torque. Fuel economy will be 16/25 mpg city/highway. Special features on the R-Spec include unique 19-inch rims, sportier suspension tuning and more aggressive appearance updates. The R-Spec retails at $46,500.

Gallery: 2012 Hyundai Genesis R-Spec

Russian tuner TOPCAR has added their name to the list of available Porsche Panamera tuning packages with their Stingray GTR program. With it comes some very aggressive styling to the luxury sedan, with TOPCAR’s priority clearly to add more sport than luxury to the Panamera.

This isn’t TOPCAR’s first attempt at a styling package for the Panamera; their first one was well-received but demand emerged for something more aggressive and “charismatic”, and the Stingray GTR is the result of those demands.

The styling package comes complete with all new front and rear bumpers, hood, front and rear fender extenders, front and rear doors and side skirts. That’s right, you’ll be removing and replacing many panels with this kit completely transforming your Panamera to something more fitting of Porsche’s brand name. The overall stance of the Panamera will make you look twice – it’s wider, meaner and sharper. Even more trick is the addition of a small-button push that triggers the opening of the rear doors. All body components and panels are constructed from carbon fiber and Kevlar.

TOPCAR will only be offering 25 Stingray GTR packages, and notes that each vehicle will receive its own special features making them all unique in their own way. The package starts at an impressive $63,500. TOPCAR found it worth mentioning that four of those 25 are already spoken for.

And for those looking for more performance out of their Panamera while TOPCAR is replacing every panel imaginable, they do offer engine tuning programs to bring performance up to 700-hp and Brembo big brake packages can also be incorporated to your build.

GALLERY: TOPCAR Porsche Panamera Stingray GTR

Hooray, the Corvette turns 60 this year! And, according to sales figures, so are its consumers.

Despite lofty performance at a discount price, the Corvette’s consumer base is aging at a rate that is worrying General Motors—particularly because young people aren’t snapping them up either. Sales of the current generation have been less than those of the fifth-gen, despite increases in power and decreases in weight and price.

“Maybe we got a little complacent,” said Harlan Charles, Corvette product marketing manager,. “Maybe we need to tell the younger generation about just how special the Corvette is.”

Given the Corvette’s stereotypical denim-jacket status as a midlife-crisis car—rivaled only by, say, Floridan real-estate developers in base-model Porsche 911 Carrera convertibles—GM is launching a full-on media assault on television and other outlets including Facebook, which is supposed to be popular with kids these days. As the seventh generation Corvette is set to be due soon, this effort should hopefully sway kids into thinking that their dad’s cars aren’t just leaf-sprung, straight-line, pig-handling, automatic-transmissioned toupee transporters in the neverending “imports rule, domestics drool” battle.

Because they’re not.

[Source: Left Lane News]

Hey buddy, going my way? Forget sticking out your thumb to hitch a ride. It’s 2011 and that’s not how we doing things in this social media and phone app world anymore. Give your thumb a rest a download Avego Driver, the first on-demand real-time ride-sharing application for iPhone, iPod Touch, and iPad.

So how does this handy app work? After you download the app, you have to input your phone number and credit card. This is for two reasons: 1.) so Avego can verify you’re a real person; 2)  so the driver gets some compensation for gas (and of course, a little something for Avego for setting up the whole deal).  Once a driver uploads their route on Avego, you can request a ride if they are going your way, and the driver is notified of your interest.

There’s no need to pull out a calculator, as Avego Driver figures out how much you should be paying the driver. Once both driver and passenger agree on a price, the passenger is directed to an agreed upon pick-up location. They are also given a unique PIN number in order to verify identity. And just so passengers aren’t stuck on the corner wondering where their ride is, Avego Driver provides real-time info to determine arrival times.

Once the passenger is dropped off at their location, drivers and riders can rate each other. You can vote from one to five. This rating system allows you to pick exactly who you want to be matched up with (for example, women can ride with just women.)

Don’t get too excited – the app isn’t available for download just yet. The developers are testing it out in Seattle right now, so once we get word that it’s good to go, we’ll let you know.

[Source: Edmunds Inside Line]