Toyota Motor Corp. showed its GRMN (Gazoo Racing Master of Nurburgring) Sport Hybrid Concept on Friday at the Tokyo Auto Salon. Media reports say a production version of the racy two-seater could bow as early as 2011.

Toyota's Sport Hybrid Concept

Based on the MR2 platform that was discontinued in the U.S. in 2005, the concept uses a 3.3-liter V-6 and continuously variable transmission to power the rear wheels during brisk acceleration and relatively high engine loads. An electric motor drives the front wheels and provides the car’s sole propulsion power during moderate driving conditions. Combined output is nearly 400 hp, while zero to 60 mph acceleration is estimated at 4.5 seconds.

The electric drivetrain and battery pack adds about 600 lbs to the MR2 Spyder’s weight, pushing the concept to 2,800 lbs.

Toyota CEO Akio Toyoda has driven for Gazoo Racing in the past, including at last year’s Nurburgring 24 Hour race shortly before he took the top job.

Fledgling electric vehicle specialist Fisker Automotive Inc. says it has secured an additional $115 million in private equity funding to develop plug-in hybrid cars. Contributing investors include A123 Systems, Ace Investments and Kleiner Perkins Caufield & Byers.

The new funding allows the Irvine, Calif.-based company to access a $529 million U.S. Department of Energy loan that will be used in part to complete the development of the Fisker Karma plug-in hybrid sports car. The Karma is expected to be base priced at about $88,000 when it debuts in the U.S. next year.

Last week Fisker signed a multi-year supply agreement with A123 Systems for the lithium-ion batteries that will power the Karma.

The company also is developing a more affordable model, code named project Nina, that has a target price below $40,000. The Nina will be built at a former General Motors Co. plant in Wilmington, Del.

Volkswagen AG completed its purchase of 19.9% of Suzuki Motor Corp.’s stock for $2.4 billion on Friday to become the Japanese automaker’s largest shareholder. Suzuki plans to use part of the proceeds to purchase a small stake in VW. The companies announced the deal a month ago.

As part of their new cross ownership, the companies plan to cooperate in several areas. The first step is to begin identifying potential parts and possibly platforms that can be shared, according to Suzuki President Osamu Suzuki. He says joint activities likely will focus on emerging markets such as China and India initially. There are no plans for joint marketing/distribution.

The Japanese firm is especially interested in working with VW on “green” technologies, such as diesel engines and hybrid/electric vehicle systems.

Suzuki currently buys diesel engines from Renault SA, PSA Peugeot Citroen and Fiat SpA. It also has long worked with former alliance partner General Motors Co. on a range of advanced technologies, including electric drivetrains and fuel cell systems. That deal will end next month, Suzuki says.

Chrysler Group LLC is contemplating dropping the Sebring name for the 2011 model year when it brings out an updated version of its current midsize car, Wardsauto.com reports. Chrysler CEO Sergio Marchionne tells the news organization that the “jury’s still out” on the name of the vehicle, which is being significantly reworked ahead of the all-new model due in 2013 that will be based on new owner Fiat SpA’s D-segment architecture.

The Sebring has been panned since its debut two years ago, and sales fell 62% last year. Marchionne made improving it one of his priorities soon after Fiat took a controlling stake in Chrysler last summer. Engineers dissected the vehicle and brainstormed ways to make it better. One area likely to get attention, Wards notes, is the current model’s lackluster interior.

With its product development on hold for much of the past year, Chrysler has little to show at the current North American International Auto in Detroit. But Marchionne promises to rectify this at next year’s Detroit show. In addition to the Sebring sedan and convertible, Chrysler is upgrading eight other models: the Chrysler 300 and Dodge Charger fullsize sedans, a fullsize Dodge crossover vehicle, Chrysler Town & Country minivan, Jeep Grand Cherokee midsize SUV, Ram chassis cab and Fiat 500 B-car.

By the end of this year, three-fourths of Chrysler’s lineup will have been updated. The remaining 25% will be freshened or replaced by 2012.

Honda Motor Co. is recalling 76,000 of its Ridgeline pickup trucks sold in the U.S. to reinforce paneling over the HVAC wiring harness. The harness could short circuit and start a fire if the front passenger inadvertently kicks the panel. The initiative affects vehicles built in the 2006 and 2007 model years.

Honda launched the investigation itself after receiving several reports of fires. Although the National Highway Traffic Safety Administration determined there was no need for a recall, Honda has decided to move ahead with the campaign on its own, Leftlane News reports.

Toyota Motor Corp. plans to double global production of hybrid-electric vehicles from 2009 levels to about 1 million units worldwide in 2011, The Nikkei reports. It says the automaker already has begun notifying suppliers of the plan.

Toyota has long said it planned to sell 1 million hybrids per year by early this decade, but it has never stated a specific date for achieving the goal. The Nikkei says Toyota’s hybrid output will grow to 800,000 units this year vs. an estimated 500,000 last year and top the 1 million per year rate in 2011.

The company currently sells more than 10 hybrid models and plans to launch 10 new ones in coming years, including a plug-in version of the Prius. Its latest addition is the Japanese-market Sai, which, like the Prius, is built on a dedicated hybrid platform. Toyota has been expanding hybrid production into several other markets, including Australia, China, Europe, Thailand and the U.S.

Meanwhile, the company has formed a new group to develop advanced batteries it says will outperform the lithium-ion units Toyota expects to introduce in 2012. Toyota currently uses nickel-metal-hydride batteries in all its hybrid vehicles, as do most automakers.

Toyota has been working on alternative battery systems for several years. But it has provided few details about the program.