China's regulator has approved Geely's acquisition of Ford's (F.N) Volvo unit, clearing one of the last remaining hurdles to the high-profile deal, a source with knowledge of the matter said on Thursday. The deal could be completed as early as next week, said the source, who spoke on the condition of anonymity as the discussions remain private.

Toyota Motor Corp. said it’s preparing a global recall of about 480,000 Avalon sedans and Land Cruiser sport-utility vehicles, most sold in the U.S., to fix steering parts that may be defective. About 400,000 U.S.-built Avalons sold worldwide have a steering-column bracket that can fail and cause the steering wheel to lock up, Toyota said today. The 2000 through 2004 Avalons affected include