By R. Del Rosario

EMERYVILLE (CBS SF) – During a company shareholders meeting in Portland, Oregon on Tuesday, Disney Chief Bob Iger announced Disney/Pixar will produce a third installment of the popular “Cars” franchise. In addition, the Emeryville-based Pixar Animation Studios will also produce a sequel to 2004’s release “The Incredibles.”

Lightning McQueen of Disney/Pixar’s ‘Cars 2’ (credit: Disney/Pixar)

According to Variety Magazine, Pixar’s “Cars 2” raked in close to $560 million worldwide in 2011. Though it was “somewhat of a critical disappointment” the “Cars” franchise crossed the finish line thanks in part of consumer products and merchandising. “Cars Land” boosted Disney’s California theme park attendance and continues to be a major draw.

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