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When Ford told us that they'd be unveiling the "next chapter in the Mustang story" at the upcoming Detroit Auto Show, some of us were hoping for a sort of Mustang SVO replacement, but we're definitely pleased to see that Ford has finished up its development of the 2010 Shelby GT500 coupe and convertible. The new Mustang's exterior design looks especially bold in Shelby guise, and some of us think that the rear duck-tail spoiler meshes quite well with the new Mustang's rump.

When engineering the new GT500, Ford decided to take most of the inner workings from the current GT500KR, meaning that the newest Shelby cranks out 540 horsepower and 510 pound-feet of torque from its 5.4-liter supercharged V-8 and runs through a Tremec six-speed manual transmission. We're told that the clutch has been heavily reworked, too, which is indeed a good thing since the clutch in the current car gave us quite a bit to gripe about. Overall handling is supposed to be a vast step above the outgoing model, as well.

Inside, the new 'Stang's interior was fitted with a custom shift knob and special Shelby seats. In fact, the seats are custom fitted to each car so that the stripes within the leather match the stripes on the car's exterior. Alcantara trim can be found on the seat side bolsters, shift lever, emergency brake boot, and steering wheel. The 2010 GT500 is expected to hit showrooms this Spring.

We'll be sure to pass on live shots of the Shelby when it officially debuts at the Detroit show later this month. In the meantime, click through our gallery of shots and click through the post to read Ford's official press release.

We told you yesterday that Ford will be unveiling its new Park Assist technology on the Lincoln MKS and upcoming MKT, but the folks at FoMoCo have now released a video showing their new Park Assist in action, hosted by Ford's chassis chief engineer, Ali Jammoul.

+ YouTube (via Jalopnik)

Ford has already announced the debut of the 2010 Taurus at the Detroit auto show, but nothing has been mentioned about a SHO edition.

New photos show us a glimpse of a dashboard badged with “SHO”. The interior, with the suave new look of the Taurus, gives us an idea of what to expect from Ford’s Super High Output machine. Jalopnik shows us their photos of dash clad in silver and black tones, suggestive of carbon fiber, a speedometer that goes up to 140 miles per hour, and a Microsoft SYNC badge. It’s not much to go on, but at least we can expect a little excitement from Ford in the near future.

Follow the link below to view more SHO spy shots.

+ Jalopnik: 2010 Taurus SHO Prototype

While the peril of parallel parking may not make sense to a Honda Fit or Kia Spectra owner, it's not always easy to back up that seven-passenger crossover into the little street-side space. Lexus introduced a camera-assisted self-park system for the large LS sedan, and now more and more automakers are adding more cameras and mirrors to their products. Ford is no different, and they've come up with their own self-park system set to debut on the Lincoln MKS and MKT next summer.

Unlike the Lexus' cameras, Ford's system uses ultrasonic sensors placed around the vehicle. The sensors measure the distance between cars to determine if there is enough space and then the system operates the steering wheel accordingly, while giving instructions to the driver about operating the gas and brake, and moving from drive to reverse. Ford says that they believe this system will trump the Lexus system in terms of reliability.

Click through the post for Ford's press release and stay tuned for the Lincoln MKT's live reveal on January 12th.

Toyota must be in shambles. Not only have they just reported their first annual loss in ages, but the Ford Fusion Hybrid now bests the Camry Hybrid in fuel efficiency, making the Fusion America's most fuel-efficient mid-sized car.

EPA testing has shown that the Fusion Hybrid can achieve 41 miles per gallon in the city and 36 mpg on the highway, besting the Camry by 8 mpg and 2 mpg respectively. In fact, the Fusion gets 1 more mpg in the city than the smaller Honda Civic Hybrid. The Fusion Hybrid can travel over 700 miles on a single tank of gas and can travel up to 45 miles per hour solely on electric assist.

Click through the post for Ford's official press release.

Our friends over at Autoblog received some spy shots of the updated 2010 Ford Taurus, which should be making its official debut at the Detroit Auto Show next month. From these photos, it's clear that the next-generation Taurus won't share much with the current car and this revised styling should do a lot to boost sales of Ford's flagship sedan. Most interestingly, the revised front end has an extensively revised appearance with a lot of design cues taken from the 2010 Ford Fusion. Also, the flat roofline and sloped rear end reveal that the overall styling may have been inspired by the Ford Interceptor concept from a few years back.

In this round of spy shots, some uncovered interior pictures are also present, showing that the Taurus will be taking a much more upscale appearance all around. Specific points of interest include dual-zone HVAC controls, a Sony branded audio system, and some chrome-ringed air vents.

Click on through to Autoblog to see the full round of spy shots of the 2010 Taurus.

+ Autoblog: Spy Shots: 2010 Ford Taurus - Now with undisguised interior!

After weeks of debating, President George W. Bush has approved $17.4 billion dollars in low-interest loans to aid General Motors and Chrysler. (FoMoCo will not be receiving any money, as they say that they do not need any sort of assistance at this time.) The $17.4 billion will be used for short-term financing throughout December and January, with another $4 billion being handed out in February, providing that the funds can be properly secured from TARP's $700 billion bank.

More details will surely emerge as the weeks move on. As for now, these loans are provided on the grounds that the automakers prove that they have a "positive net present value, taking into account all current and future costs, and can fully repay the government loan." Click through the post for the full press releases from GM, Ford, and Chrysler.

+ Autoblog: Bush greenlights $17.4 billion Auto Rescue/Bailout package

http://www.smaxownersclub.co.uk

After passing in the House of Representatives, the Big Three bailout bill failed to pass through the Senate this evening. To further complicate things, this matter will not be revisited until the new Senate takes their seats next year.

In lieu of this, General Motors is reportedly seeking the assistance of bankruptcy advisors and the folks at Chrysler have evidently already made arrangements for Chapter 11 counsel. News of the bill failing to go through has already affected Global markets, with the Nikkei index dropping over 6 percent as of this writing. We don't expect things to be too pretty on the New York Stock Exchange, either. This comes as bad news for many Americans, and Senate Majority Leader Harry Reid has agreed that this will be "a very, very bad Christmas."

How do you feel about the bailout not passing? Let us know your thoughts and opinions, in comments.

+ Autoblog: Repercussions of failed automaker bailout spreading quickly

Detroit's Big Three have been the victim of some bad press as of late due to the present bailout decision. And while all three automakers know that they need to make some adjustments to their product lines in order to survive moving forward, we mustn't forget that there are still some really good products coming out of Detroit. GM has consistently stolen hearts with the Corvette, Suburban, and CTS; Ford's Flex and Mustang are solid contenders, and Chrysler made a splash this year with the Challenger.

 So, let's forget about the financial crisis for a moment and focus on the good things Detroit is doing. Let us know what your favorite piece of new American metal is in Comments.