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General Motors CEO Rick Wagoner out, replaced by COO Fritz Henderson

General Motors chairman and CEO Rick Wagoner has agreed to "step aside" after pressure from the Obama administration last week, ending his eight-year tenure at the helm as the company seeks additional federal aid. He's been replaced by GM President and COO Fritz Henderson, effective immediately. GM confirmed the moves shortly after midnight Monday.

Volvo could be heading East

Actually, it could be going absolutely anywhere a bid can be found. As we reported last week, Ford is trying desperately to unload its last remaining prestige marque – Volvo. And, as we thought, the disposal of Volvo by Ford is said to be a condition of the help that Ford, along with the other main US car makers, is begging from the US government.

Toyota sets Nurburgring record... for fuel economy

WHATEVER else you might say about Toyota, it seems the brand has a sense of humour. Driving enthusiasts will hand their (petrol)heads in shame after Toyota completed the 12.9-mile German track at an average of 698mpg. The embarrassingly pedestrian time of 20 minutes and 59 seconds was set by motor journalist and Japanese car expert Joe Clifford, and since Toyota is the first to shame itself with a fuel economy run at the heart of performance car testing, it automatically sets a new efficiency record.