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Obama sought Ghosn to run GM, ex-car czar says

The Obama Administration initially wanted Nissan-Renault CEO Carlos Ghosn to run GM after Rick Wagoner was ousted in 2009, and repeatedly pressed Fiat to put up cash for a stake in Chrysler, according to an upcoming book about the government bailout of General Motors and Chrysler. Steven Rattner, President Obama's auto adviser who steered the government's $85 billion bailout of GM and Chrysler, is about to publish a tell-all account about his six-month stint inside the White House. The Detroit News, Washington Post and Huffington Post obtained draft copies of the book--"Overhaul: An Insider's Account of the Obama Administration's Emergency Rescue of the Auto Industry." It is scheduled to be published Oct.

Ferrari GT teaser photos

By Ben Pulman First Official Pictures 12 May 2008 10:11 These are the first pictures of Ferrari's new GT, taken from the Italian firm’s teaser website www.ferrarigtcountdown.com. The car won't be shown until the Paris motor show this autumn, but you don't need to wait that long in this internet age – Ferrari is gradually revealing its new baby bit by bit online over the next few months. The five teaser pictures reveal a wide, low, oval front grille, distinctive creases around the door handles, five-spoke alloys, a third rear brake light and a sloping rear end.The official website also has four audio clips of the new Ferrari starting up, revving, running through the gears and then being driven hard.

General Motors to shut down Saab

General Motors has announced that it will be closing the Saab brand after the company was unable to strike a deal with Spyker Cars. This follows from last month's withdrawal of would-be suitor Koenigsegg, leaving Spyker the sole contender in the acquisition of the ailing Swedish brand. According to Nick Reilly, GM's European president, the company has decided to cut its losses: "Despite the best efforts of all involved, it has become very clear that the due diligence required to complete this complex transaction could not be executed in a reasonable time.