Auto News 5

General Motors Europe (GME) has opened a US$300m, flexible assembly plant in St. Petersburg, Russia. The plant has added 70,000 units of capacity to more than 100,000 already available to GM at joint venture and partner facilities in the country.

Shares of Toyota plunged as much as 13 percent on Friday after the carmaker shocked investors with a warning that profits this year would hit a 13-year low amid the global economic downturn.

The U.S. automobile industry's requests for federal assistance now exceed $50 billion. The CEOs of General Motors, Ford Motor Co. and Chrysler LLC met behind closed doors today with Congressional leaders to make personal appeals.

Rep. John Dingell, D-Mich., the Detroit 3's chief ally in Congress, went on the offensive today to keep his job as chairman of the powerful House committee that handles much industry-related legislation.

DETROIT -- Ford Motor Co. will shut down its Hermosillo, Mexico, assembly plant for the month of January after the automaker starts building the restyled mid-sized sedans made there, said supplier sources with knowledge of the plan.

Chrysler LLC will offer buyouts next week to more than 2,400 workers at an Illinois assembly plant as the money-losing automaker boosts efforts to trim its work force.

A judge today reaffirmed his August ruling on a fraud claim in Delphi Corp.'s lawsuit against hedge fund Appaloosa Management LP for backing out of a deal to fund Delphi's bankruptcy exit. In October, U.S.

You have to be a real car enthusiast to appreciate all the beauty of the 2008 Volkswagen GTI - the Mr. Hyde to the little Rabbit's Dr. Jekyll. But while their looks are similar, the former boasts exceptional driving dynamics.

Many observers where expecting a major slow down at the annual Speciality Equipment Market Association (SEMA) show held this week in Las Vegas. But it was not so. Granted, there were some major providers missing, namely Goodyear, Michelin and Bridgestone at the tire pavilion, but as far as car brands are concerned, most manufacturers came up with interesting concept vehicles mostly oriented towards performance and customizing.

2008 IndyCar champion Scott Dixon received the $1 million championship bonus cheque during the IRL Championship Celebration that were held at the Palms Casino Resort in Las Vegas.

By the end of the week, the relocation of some 80 exhibits to the new Porsche museum in Stuttgart will be completed. The automaker says that construction of the new museum at Dr. Ing. h.c. F. Porsche AG, Stuttgart is making good progress- and that the first 12 exhibits are being installed. These include a 356 Cabriolet, an original '11' and the first Porsche 924 prototype.

A controversy has erupted in Brazil and Germany, as the health of the relationship between Felipe Massa and his Ferrari mentor Michael Schumacher is called into doubt.

Hot Grand Prix news about Takuma Sato, Lucas Di Grassi and Formula 1 supremo Bernie Ecclestone.

The Canadian-born racer Michael Valiante will co-drive the No. 6 Michael Shank Racing Ford-Riley with John Pew in 2009.

The Force India Formula 1 team announced on Friday it has terminated its engine supply contract with Ferrari.

Observers will get a "tremendous shock" when the first 2009-specification formula one cars are unveiled, according to a figure close to the development of Renault's next single seater.

The 2009 Formula Atlantic Championship was unveiled today and it represents a substantial departure from previous Atlantic schedules but will bring the series to many new and important markets. Full Story...

Dyson Racing has announced that with the end of the 2008 American Le Mans Series season, it will be concluding its partnership with Porsche Motorsport and Porsche Motorsport North America. Full Story...

Hot Grand Prix news about Takuma Sato, Lucas Di Grassi and Formula 1 supremo Bernie Ecclestone. Full Story...

Formula 1 team bosses of the FOTA - the alliance of the ten F1 teams - have been meeting this week for more discussions about future rules. Full Story...