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Magna gets Vauxhall and Opel

Canadian parts maker Magna takes control of Opel and Vauxhall The German Government is to supply funding of €1.5 billion to help the new Opel/Vauxhall operation to finance the transition. The news hasn’t come a moment too soon, as the US Government had given GM only until Monday to resolve the issue before the likely bankruptcy of GM. The Opel/Vauxhall operation will now be ring-fenced from the insolvency of its former parent in the US and will become ana entity in its own right.

Audi shifts to eight-speeds for most models

A formal press conference probably won't happen until this summer, but we hear that Audi dealers have received their 2011 order guides, and it looks as though the company will be going from 0 to about 70 percent of U.S. sales being eight-speed automatic transmissions. Beginning this fall, the eight-speed will replace today's six-speed automatic in the A4 2.0-liter turbo sedan and wagon, the A5 2.0-liter turbo coupe and cabriolet, the Q5 2.0-liter turbo, the Q7 3.0-liter turbo, the Q7 diesel, the Q7 with the 3.0-liter supercharged V6 and the all-new A8 and A8L with the 4.2-liter V8.

Ford's net profit slips to $1.65 billion for the third quarter

Ford Motor Co., hurt by accounting changes related to commodity prices, said third-quarter net profits fell slightly to $1.65 billion from $1.69 billion a year earlier. Pretax profits fell to $1.94 billion from $2.06 billion a year earlier. North American pretax operating profits were essentially flat from the year-earlier period at $1.6 billion.