Auto News 5

Volvo posted a $1.47 billion pre-tax loss (€1.15 billion) for 2008 last week, further complicating Ford Motor's attempts to sell the Swedish brand. In the fourth quarter, Volvo's loss was $736 million as revenue skidded from $5.1 billion to $3. Full story...

The accelerating cash burn by Europe's automakers in 2009 could drive them deep into debt and put their income statements into the red. In 2007, the European auto industry held a €30 billion net cash position. Full story...

Car production in Europe this year will fall to levels not seen since the early 1990s -- with disastrous effects for suppliers. Full story...

Support is growing for a Europe-wide scrappage incentive to boost new-car sales during the economic crisis. Executives at Ford of Europe and PSA/Peugeot-Citroen said they want an expansion of the successful plans launched in Germany and France. Full story...

With Renault facing projected operating losses, Chief Financial Officer Thierry Moulonguet has relinquished managerial oversight of the 22-market Americas region to concentrate on the carmaker's financial problems. Full story...

Maria-Elisabeth Schaeffler's success in winning control of Continental's supervisory board leaves her with an even tougher challenge: Can the new entity get out from under its mountain of debt? Full story...

If there is one automotive technology for which Dutchman Hub van Doorne became world famous, it is the continuously variable transmission. Full story...

With its survival at stake, the auto show that takes place here in April will adopt a brave new format. Full story...

With sales plummeting, and parent General Motors distracted by its home-market woes, Saab's best future is as a spun-off organization, dealers and company insiders said. Full story...

Auto parts maker Contech LLC said on Friday that it has filed for Chapter 11 bankruptcy protection, citing a downturn in the automobile industry. Full story...

General Motors could face a multibillion-dollar tax hit under its $13.4 billion federal bailout, a scenario the automaker faces just weeks before it must file a restructuring plan with the government. Full story...

Crossover SUV shopping can be confusing enough to make those involved will themselves back to the station wagon era. What's reliable? What's safe? What's needed? What's not? Subaru's latest Forester has things taken care of when it comes to offering shoppers a 'safe bet'. Safety, reliability and value are all covered off here- in fact, the Automobile Journalists Association of Canada (AJAC) says that it's the best new SUV under $35,000 in Canada this year. Full story...

This week, Auto123.com features the following road tests the Volvo XC60 crossover, the first vehicle in the world equipped with a system designed to prevent low-speed collisions. The Mercedes-Benz B200 Turbo, a powerful, compact German model that's also surprisingly spacious. The Honda Pilot, the ideal solution for hauling around eight people in any road conditions. And check out the video filmed during our test drive of the Subaru Impreza WRX265, the version that rekindles the performance car image of the WRX. Full story...

Launched for the 2004 model year, Cadillac is pulling the plug on its flagship XLR roadster. Using Corvette underpinnings and the luxury brand's 4.6-litre Northstar V8, the XLR never really sold in significant numbers--only 30 were sold in Canada in 2008--so its retirement won't be a big deal. Full story...

To say the least, bad economic times are beginning to take their toll on a number of IndyCar series' teams and Conquest Racing has not been exempt but owner Eric Bachelart is adamant that the team will be there for 2009. Full story...

British engineer Mike Gascoyne has commenced legal action against Force India following the former chief technical officer's dismissal late last year. Full story...

One of the original founders of the McLaren Formula 1 team, former boss Edward Everett 'Teddy' Mayer, has died at the age of 73. Full story...

To say the least, bad economic times are beginning to take their toll on a number of IndyCar series' teams and Conquest Racing has not been exempt but owner Eric Bachelart is adamant that the team will be there for 2009. Full story...

Amid reports of early problems with Renault's 2009 car, the French team last week moved from the Portimao test to a British airfield. Full story...

British engineer Mike Gascoyne has commenced legal action against Force India following the former chief technical officer's dismissal late last year. Full story...