Volvo CEO says car line will go upscale
Volvo Chief Executive Officer Stefan Jacoby says he will reposition the Swedish carmaker as an "upscale" brand as he aims to take on luxury leader BMW. Jacoby, 52, started at Volvo last week, shortly after the Chinese Zhejiang Geely Holding Group bought the company from Ford for about $1.5 billion. Volvo will face tough competition in China, where Audi and Mercedes-Benz are also challenging BMW for the growing luxury market.
Concours classics bring in big bucks
The Pebble Beach Concours d'Elegance events wrapped last week, with judges choosing as Best of Show a white 1933 Delage D8S De Villars Roadster owned by the Patterson Collection of Louisville, Ky. (shown above). In spite of fears that the recession might affect sales at the event's auction, the total dollar figures were some $50 million higher than last year, and included more than 30 cars whose final prices topped $1 million.
--The Associated Press