GM officially bankrupt

GM finally enters Chapter 11 Bankruptcy The US Government is to provide £30 billion to fund the transition, with GM being split in to ‘Old GM’ and ‘New GM’. In exchange for the money the US Government will take a 60% stake in ‘New GM’ with all the toxic assets and liabilities being disposed of through ‘Old GM’. The restructuring will allow GM to survive on a third less sales than before (10 million instead of 15 million).

Saleen S351 Mustang being prepped

After a tumultuous and sometimes litigious couple of years (which included Steve Saleen the man suing Saleen the company for calling itself Saleen!), Saleen the man, the car and the company with the man again in the driver's seat are back, still in Southern California and still in the bustling Inland Empire burg of Corona to which they all ensconced a few years ago. So what's new? First up is a Saleen 351 Mustang, which was announced at the LA auto show last week.

Ferrari P540 Superfast Aperta (2009) first pictures

A bespoke Ferrari built by the Italian supercar manufacturer's secretive Special Projects department has undergone its first shakedown test at the Fiorano test track. The Pininfarina-designed P540 Superfast Aperta was comissioned in 2008 by the necessarily wealthy Edward Walson, son of John Walson, the inventor of cable television. Based on the 599 GTB Fiorano, the one-off machine was inspired by a Carrozzeria Fantuzzi-designed model featured in the 1968 Fellini film Toby Dammit. 'I had always dreamed of designing sports cars,' said Watson. 'When I saw this film the decision came of its own accord: one day I would have 'my' Ferrari.