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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.

Bristol Cars goes Bust

Bristol Fighter - Bristol Cars are in Administration I know, you didn’t even know they still existed. They do, but for how much longer is anyone’s guess as Bristol Cars calls in the administrators. Which is a real shame; a proper, eccentric British car maker finding it impossible to make enough sales to pay the bills, when there seem to be enough batty billionaires to buy the worst atrocities the world’s pimpers can muster (much the same problem afflicted Overfinch).

Guinness returns fastest production car world record to Bugatti

The Bugatti Veyron Super Sport is back as the “Fastest Production Car” after Guinness World Records looked deeper into the claim, and decided that Bugatti's eliminating the speed limiter in order to set a record did not bar the vehicle from holding the title. “The focus of the review was with respect to what may constitute a modification to a car's standard specification,” said Guinness in a statement. “Having evaluated all the necessary information, Guinness World Records is now satisfied that a change to the speed limiter does not alter the fundamental design of the car or its engine.” Now the company owns both the open- and closed-top speed records with the Veyron Grand Sport Vitesse and the Veyron Super Sport.