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News watch August 2011: today's auto industry news

Come to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour Wednesday 31 August 2011• The two millionth Mini today rolled off the production line at Plant Oxford. British prime minister David Cameron drove the landmark car off the line (Mini)• Volkswagen says it will sell more than 2 million cars in China this year.

Obama calls for shared sacrifice in auto bailout

President-elect Barack Obama says he wants to keep tough conditions on automakers that get federal loans. The companies must develop sustainable business models because it would be unacceptable "to keep them on their lifeline through taxpayer dollars in perpetuity," Obama told The Washington Post. Obama said industry restructuring will require "everybody, from labor to management to creditors to shareholders, giving something up." His comments contradict suggestions that the new administration will relax federal loan agreements reached last month with General Motors and Chrysler LLC, possibly with softer demands on the UAW.

Ford dropping Ranger pickup from U.S. lineup after 2011

Ford Motor Co., as expected, is dropping the venerable Ranger compact pickup from its U.S. lineup after the 2011 model year. Ford is consolidating its global pickup truck platforms from three to two with the introduction of an all-new Ranger to be sold outside North America starting next year.