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GM posts $6 billion loss, burns $10.2 billion in cash as sales fall

General Motors, facing a June 1 U.S. restructuring deadline to avoid bankruptcy, posted a $6 billion net loss in the first quarter and burned through $10.2 billion in cash as global auto sales plunged. GM had $11.6 in cash reserves on March 31, down from $14.2 billion at the end of the fourth quarter.

Spied: Cadillac ATS-V and a production 2013 Cadillac ATS on the road

Autoweek reader Christina McNeal shot these photos of a 2013 Cadillac ATS out cruising the highways of Michigan. General Motors' BMW 3-series fighter was finished in a metallic dark blue and wore manufacturer plates. According to its badging, it was powered by Cadillac's 3.6-liter six.

New Ferrari California T gets new twin turbo V8 with 49% more torque (+video)

The new California T (pictured) revealed ahead of a Geneva debut It’s been a long time since Ferrari gave one of its cars a turbo charged engine, not since the late ’80s and the Ferrari F40, but that all changes – and no doubt points the way to the future – as the Ferrari California T gets revealed ahead of a debut next month at the Geneva Motor Show. Based on the V8 Ferrari build for the Maserati Ghibli, the California T’s new engine is a 3.8 litre twin turbo with 552bhp and a mountain of torque, 557lb/ft, a massive 49 per cent more than the current California produces. That improves performance marginally – 0-62mph in 3.6 seconds and a top speed of 196mph – but has a big impact on economy; the new California T improves on the current California by 15 per cent, recording official figures of 27mpg and 250g/km.