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Crunch watch Feb 09: the auto industry in crisis

By Tim Pollard, Ben Pulman and Ben Whitworth Motor Industry 02 March 2009 18:11 Monday 2 March• The Volkswagen Group announces a 5% rise in sales revenues in the 2008 tax year and a 3% increase in operating profits, up to €6.3 billion. Chairman Martin Winterkorn said the group's multi-brand strategy and low CO2 cars had helped sustain sales, although he admitted that 2009 would see a fall in demand and revenues (Volkswagen) Friday 27 February• Jaguar Land Rover announces a significant order for 13,000 cars from a Chinese business. It's a morale boost for JLR which has been hit by a slump in demand with the global slowdown (BBC News)• Opel this afternoon agreed to a restructuring plan designed to save as many jobs and factories as possible – but it needs a €3.3 billion lifeline from the state.

GM recalls the Chevrolet Cruze for possible steering problems

General Motors said on Wednesday that it will recall 154,112 Chevrolet Cruze sedans to check for a problem with the steering shaft. A GM spokesman said the issue was discovered when a customer lost steering control in a parking lot but did not have an accident. GM says no accidents have occurred because of the problem.

Aston Martin V12 Vantage Roadster out in London (video)

The new Aston Martin V12 Vantage Roadster has been caught out and about on London’s streets, on film and on video. Last week saw the arrival of the Aston Martin V12 Vantage Roadster as a limited edition convertible version of the V12 Vantage. For now, at least.