The United States and South Korea have reached an agreement regarding revisions to the free-trade deal between the two nations. This move allows the U.S. and the South Korea to move forward and look at approving the legislation, which has been delayed due to issues on both sides.

A rundown of what has been changed is as follows:

• The U.S. can phase out its 2.5 percent tariff on automobiles over five years, instead of three.

• Each U.S. Automaker can export up to 25,000 cars to South Korea annually provided they meet US crash standards.

• The U.S. can continue charging a 25 percent tariff on trucks for eight years and then phase it out by the 10th year.

• South Korea will eliminate its tariff on trucks.

Both sides report that significant progress has been made, and the revised agreement continues to be reviewed. With $68 billion in trade floating between the United States and the Republic of Korea, getting this trade agreement signed should serve to boost our national export business.

[Source: Automotive News – sub.req.]

Matt Farah gets his mitts on tons of great rides, and we're thankful that he puts them on camera for us all to enjoy. This time around, Matt was handed the keys to Stasis' Audi R8 Spyder. The crew at Stasis set to work on the 5.2-liter roadster, adding a supercharger, suspension upgrades, larger wheels and an exhaust that breathes a little easier. The result is a 710-horsepower ragtop rocketship. The car seems to be so much fun to drive that Farah is often reduced to uncontrollable giggles. But seriously, who can blame him? We'd likely have the same reaction.

Hop the jump to watch Matt Farah have some canyon-carving fun courtesy of the Stasis Audi R8.

[Source: YouTube]

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The Race-Star ConverTTable is cool and all, but compared to Red Bull's F1 racing simulator it's just a toy. Jumping behind the Red Bull sim's wheel are David Coulthard, whose Formula 1 resume boasts 247 starts and 13 wins, and Fifth Gear's Jason Plato, himself a two-time British Touring Car champion. You'd expect DC to mop the floor with Plato, considering that BTTC cars are a long way from the open-wheel racers of F1. So, what happens? Hop the jump to check out the clip.

[Source: YouTube]

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Dual-clutch transmissions are the current Holy Grail when it comes to transferring underhood power to the wheels of the car. Nearly every automaker that does serious business around the world offers DCTs, and the ones that don't very likely soon will.

It's easy to understand the draw of the DCT: better performance and greater efficiency. But there are also problems. For instance, two clutch mechanisms mean (theoretically, of course) twice the potential repair costs, and DCTs are generally more expensive than either standard manual transmissions or conventional automatics with torque converters.

Xtrac, a company firmly entrenched in transmissions for racing applications, has developed a new technology called the Instantaneous Gearchange System, which uses a ratcheting mechanism to couple the gear hubs with the main shaft. The system has been under development for two years and has reportedly been put into race duty by multiple motorsports teams.

Apparently, the IGS technology will be less costly than other dual-clutch transmissions and could potentially be adopted by various global automakers. Hat tip to David!

[Source: Gizmag]

As we said before, it's that time when everyone starts rolling out their year-end "Best of" lists and revisits their favorite rides of 2010. Top Gear is in on the action, naming its annual award winners. Its list, as you can see, is diverse and loaded with forbidden fruit (at least for those of us in the U.S.)

• Hypercar of the Year: Koenigsegg Agera
• Cabrio of the Year: Maserati GranCabrio
• Grand Tourer of the Year: Bentley Continental GT
• Hot Hatch of the Year: Volkswagen Golf R
• Family Car of the Year: BMW 520d Touring
• Engine of the Year: Fiat TwinAir
• Coupe of the Year: Peugot RCZ
• Luxury Car of the Year: Jaguar XJ
• Small Car of the Year and Car of the Year: Citroen DS3

Besides the standard categories, the three hosts also picked their favorites of 2010. Jeremy Clarkson is in love with the Pagani Zonda R, James May goes with the Bugatti Veyron Supersport and Richard Hammond is quite fond of the Porsche 911 GT2 RS.

Though we've given you the list, it's still worth a trip over to the Top Gear website to read the reasons behind each choice.




[Source: Top Gear]

Before the keys land in the hands of the Oprah faithful, the 2012 Volkswagen Beetle still has to make its world debut. Until then, we have to rely on spy photographers for glimpses of der neue New Beetle. The latest clip gives us a good view of the redesigned VW as it hits the street on one of its innumerable test drives. Hit the jump to see for yourselves. Thanks for the tip, Vicken!

[Source: YouTube via SecretNewCars.com]

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Toyota will officially join the Indian B-car segment with this, the 2011 Etios sedan. A hatchback version, Etios Liva, will follow in April. While the styling is decidedly sedate, Toyota hopes to attract shoppers with the Etios' low price point – 496,000 Rupees, or just under $11,000 USD based on current exchange rates.

Power comes from a 1.5-liter inline-four mated to a five-speed manual transmission. Tuned specifically for fuel efficiency, athe engine produces just 89 horsepower and 97 pound-feet of torque. The Etios is capable of achieving 17.6 kilometers per liter, or roughly 41.2 miles per gallon.

Inside, the relatively spartan interior uses a center-mounted instrument panel, and amenities like steering-mounted audio controls and red seat inserts are available in the more upmarket models. The Etios is offered in four trim levels – J, G, V and VX – with pricing as high as 686,000 Rupees (roughly $15,287) for the top-tier Etios VX.

Hit the jump for Toyota's official press release, and scan through the gallery below to see high-res images of the India-only Etios.



[Sources: Toyota, Paultan.org]

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Mercedes-Benz has pulled the drapes back on its 2012 SLK... by accident. A French promotional film made its way to the Internet, and the star of the clip is the redesigned hardtop convertible. We've got the video and a host of screen-grabs that show off some of the SLK's new features.

The compact two-door Benz will be available with the company's neck-warming AirScarf system, adaptive headlights, a seven-speed automatic transmission and a Magic Sky Control roof that darkens at the touch of a button.

The style of the Mercedes-Benz SLK has grown up to fall in line with the rest of the family. The front sports a very aggressive treatment with a gaping grille and a massive Three-Pointed Star. The whole package comes off as a miniature SL rather than a soft imitation of one.

Check out the 2012 Mercedes-Benz SLK from all angles by taking a stroll through the gallery below, and then hop the jump to see the video. Hat tips to Douglas and K7!



[Sources: CarScoop, bobaedream.co.kr]

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Hemi. The mere mention of the word is enough to strike fear into the hearts of lesser powerplants... or at least images of a pair of scrubby-looking bottom-feeders that really love themselves some Ram Trucks. In any case, we're keenly interested in the latest Hemi engine from the Dodge Boys, in this case displacing a heady 392 (or so) cubic inches and placed gently inside the engine bay of the 2011 Challenger SRT8.

Not only is this new Hemi larger than the already oversized version it replaces, it's also considerably more potent. The Pentastar says that its new 392 kicks out 470 horsepower and 470 pound-feet of torque – substantial improvements over the outgoing SRT8's 425 hp/420 lb-ft. But those are factory ratings, and we all know those don't necessarily match what's actually under the hood of production models.

Thankfully, the crew over at Inside Line managed to score enough time with a 2011 Challenger SRT8 to strap it down to a proper dyno. And the results? How about 452 horses at 6200 RPM and 443 lb-ft at 4400? Yep, that'll do nicely, and it means that Dodge may actually be underrating its potent performer just a tad. Oh, and for what it's worth, IL managed to record 370 horses and 343 lb-ft from its 2010 Chevrolet Camaro SS on the same exact dyno. Chevy's answer ought to be coming in the form of a Z28 with over 500 supercharged ponies... Stay tuned, the horsepower wars are clearly still in full swing.



Photos copyright ©2010 Drew Phillips / AOL

[Source: Inside Line]