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GM posts $7.6 billion profit for 2011

General Motors on Thursday posted a $7.6 billion profit for 2011, while recording its smallest quarterly profit of the year in the fourth quarter. Net income for the October-through-December period fell 7 percent from the year-earlier period to $472 million, as a $562 million loss in Europe--the steepest of the year there--weighed on the automaker's bottom line. North American earnings nearly doubled.

Smaller Mercedes SLS confirmed, and with front-mounted V8 too

Baby Mercedes SLS AMG - or at least how it could have looked if mid-engined We’ve believed for some time that Mercedes were planning a smaller version of the SLS, but so far there’s been no official word. But that’s now changed, with AMG’s Christoph Jung telling AutoExpress that Mercedes and AMG are currently working on a smaller SLS, to go head-to-head with cars like the Porsche 911 and Audi R8. Interestingly, we’d thought that Mercedes would go the route of a mid-engined two-seater for the baby SLS, and that it would probably get a turbo V6. But it would appear not.

Jaguar slashes prices – in Australia

Jaguar has slashed prices across its range in Australia – by as much as £40,000 – as it fights for a bigger market share. But there’s also a feeling that all those years of protectionist import tariffs have inured Australians to the high price of luxury cars, and that car makers take advantage of that by keeping prices high, regardless of the level of taxes imposed on their products. That means something like a Rolls Royce Phantom costs £650k and a Porsche 911 starts at £150k.