Breaking News: Wagoner to Lead Chinese Company in Oldsmobile Revival

News reports are coming in from around China that GM's former CEO Rick Wagoner has accepted an offer from domestic automaker CLN Auto Company Inc. to take the reins of the Oldsmobile brand, the rights of which CLN Auto purchased from General Motors a few weeks ago. Details are still shady, but it looks like GM is so desperate for cash that it decided to sell the historic nameplate to the Chinese automaker. Unfortunately for Oldsmobile fans in North America and Europe, CLN Auto secured the use of the name solely for the domestic market.

Contrary to the U.S., just like Buick, Oldsmobile has a strong allure to Chinese buyers. The country's last emperor was a large fan of Oldsmobile owning more than a dozen cars. "They adore the image of American vehicles," said China Auto Resources CEO, Jiang Li, in a report. "They just can't seem to get enough of them, so it makes a lot of sense," he added. We'll have more on this developing story later on in the day.

2010 Mercedes-Benz E63 AMG: 27 High-Res Photos and Official Info

Stuttgart's BMW M5 and Audi RS6 rival was officially revealed today ahead of the sport saloon's world premiere at the New York Auto Show, open to the public April 10-19, 2009 at the Jacob Javits Convention Center in Manhattan. At the heart of the new E63 AMG is a 6.3-liter V8 engine packing 525-horspower and a peak torque of 630Nm or for the U.S. spec model, 518HP and 465 lb.-ft. torque. The engine is hooked up to a new 7-speed automatic transmission and according to Merc, the E63 AMG accelerates from standstill to 100 km/h (62mph) in 4.5 seconds and has an electronically limited top speed of 250 km/h or 155mph.

Not that anyone interested in the E63 AMG cares, but the German automaker claims that despite 11HP of additional output versus the preceding model, fuel consumption in the model has been reduced by around 12 percent to 12.6 lt/100km (18.6mpg US).

To improve handling, the 2010 E63 AMG is equipped with an electronically controlled damping system and a newly developed, dedicated front axle with a 56-millimetre wider track while the rear axle has more negative camber, optimized elastokinematics and a new subframe mounting.

Furthermore, the AMG sports saloon gets a different powering steering system, individual 3-stage ESP and a high-performance braking system with 360-millimetre, internally ventilated and perforated brake discs all-round. The E63 AMG rides on 18-inch light-alloy wheels shod in tire sizes of 255/40 R 18 at the front and 285/35 R 18 at the rear.

As for the car's looks, the AMG model is distinguished on the outside by a somewhat subtle bodykit that consists of a new front bumper, side skirts, a rear apron with an integrated diffuser and tinted headlamps. Likewise, the interior is updated with a new set of sport seats, an AMG steering wheel, revised instrument cluster and a sportier trim.

The market launch of the new E 63 AMG will commence worldwide in August 2009.