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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.

Luxgen Luxgen7 MPV

Luxgen, Taiwan's first automotive brand, has revealed its first vehicle: the Luxgen7 MPV. With a more curvaceous aesthetic than what is typical of family haulers, the Luxgen7 MPV also features a high level of functionality across three rows of seats. Created under the direction of James Shyr, former Director of Design of GM's Global Design Leadership Team at PATAC, the new MPV has been specifically created not to look like a box.

Hennessey readies 2014 Chevy Corvette Stingray package with 1,000 hp

The 2014 Corvette Stingray made its world debut at the Detroit auto show less than two months ago, but Texas tuner John Hennessey is already working on upgrades. Hennessey Performance plans to offer upgrades for both the C7 coupe and the C7 convertible. Supercharged systems will bring output to 700 hp and higher-priced twin-turbo setups push power to anywhere from 800 hp-1,000 hp.