Turns out that we were spot with our estimates on the technical specs of the all-new Lamborghini Gallardo LP 550-2 (okay, okay, we simply used Lambo’s naming strategy) that was officially revealed today after the first photos of the supercar were leaked into the net yesterday. Named after Lamborghini’s best known test drivers, Valentino Balboni who retired after 40 years with the company, the Gallardo LP 550-2 Valentino Balboni ditches the Gallardo’s four-wheel drive system for a rear-drive setup while power comes from a 550HP 5.2-liter V10 engine.

After the initial release of a handful of pictures earlier this morning, Peugeot has bombarded us with an abundance of photos of its facelifted 207 supermini that is due to be launched in Europe this August. The 207 hatchback, Station Wagon and CC hardtop convertible get a mildly reworked front fascia, as well as LED tail lamps (sans the SW) while Peugeot also spiffed up the interior with fresh trims, new instrument panel designs and the introduction of new equipment features. Hit the jump for the gallery or click here to check out our previous post on the 207.

Do these images actually show official manufacturer renderings of the 2010 Saab 9-5 sedan and 9-5 wagon?  Two different blogs seem to think so.

Both Autoblog.nl and Saabunited.com believe that the source of these images is Saab itself.  We’re not so sure.  The images are far from perfect (is that a scratch on the front bumper of the 9-5 sedan?), showing two drawings that need some finishing touches.  Most recently, the wagon was seen under a tight-fitting cloth cover teasing us with an idea of what the vehicle will look like.

Now here’s something we don’t see very often. Back at the 1999 Frankfurt motor show, German tuner Arden presented the special edition A-Type AJ18 based on the Jaguar XK (1997-2005 model) that was produced in a limited run of 13 units. Ten years later and Arden has decided to reissue the A-Type AJ18 and build another five vehicles bringing the total to 18 pieces.

Feeding into our supercar lust, Ferrari published a new photo gallery of its tweaked 599 GTB Fiorano with the Handling GT Evoluzione sport package. Revealed for the first time at this year’s Geneva Salon, the HGTE is in essence an optional pack designed to further improve driver involvement and agility, as well as to enhance the standard 599 GTB Fiorano’s grip.

Mazda has announced the domestic market launch of its all-new Axela which is known elsewhere as the Mazda3. In Japan, the newest version of the ’3′ is offered with two body styles, a four door sedan and a five-door hatchback powered by 1.5-liter and 2.0-liter four cylinder gasoline engines that can be hooked up to a CVT or 4/5-speed automatic transmissions (depending on the version). Nothing exciting here, but unlike Western markets where the Mazda3 is offered exclusively with front-wheel drive, Japanese buyers can opt for an all-wheel drive system.

After unveiling their sexy body kit for the Audi A5/S5 coupe last year, Caractere has decided to offer a similar series of styling accessories for the new A5/S5 Cabrio.

The most noticeable change is an aggressive front bumper which features massive air intakes and integrated fog lights. Out back, the sporty styling theme continues as Caractere offers a bold rear diffuser with optional tailpipe exhaust tips. The company also markets their unique CW1 wheels which are available in 19″ and 20″ sizes.