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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.

Four guilty over 'crash for cash'

A GANG that deliberately crashed a 12 tonne bus with 26 passengers on board as part of a huge "crash-for-cash" scam, has been described as a "a professionally-planned, highly-organised group" by police. Officers were speaking after four people were found guilty at Sheffield Crown Court of playing a part in a fraud conspiracy worth almost £500,000. Seven other people had already pleaded guilty.

Audi celebrates 500,000th TT with special edition

Audi is celebrating its 500,000th TT sport compact with a new special edition, based on the upgraded Audi TTS. Only 500 examples of the TTS competition will be built, and will begin rolling off the assembly line in October. Unfortunately Audi will only sell the exclusive cars across the pond.