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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 2011 Cadillac SRXs for airbag fix

General Motors is recalling 50,500 copies of the 2011 Cadillac SRX crossover because the front-passenger airbag does not work as outlined in the owner's manual. The recall affects 47,401 vehicles in the United States, with the remainder in Canada and Mexico. GM said there are no reports of crashes or injuries related to the issue.

College Exhibition: Hongik University Degree Show 2009

This year's Hongik University Degree Show was held at the school's Modern Art Gallery, displaying the works of 16 final year transportation design students. Apart from the previous two years' annual degree shows, which focused on next generation sedan, this year's graduation works showcased a much broader spectrum of creativity. Under the team guidance of Prof.