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Obama calls for shared sacrifice in auto bailout

President-elect Barack Obama says he wants to keep tough conditions on automakers that get federal loans. The companies must develop sustainable business models because it would be unacceptable "to keep them on their lifeline through taxpayer dollars in perpetuity," Obama told The Washington Post. Obama said industry restructuring will require "everybody, from labor to management to creditors to shareholders, giving something up." His comments contradict suggestions that the new administration will relax federal loan agreements reached last month with General Motors and Chrysler LLC, possibly with softer demands on the UAW.

GM delays innovative new diesel truck engine

General Motors' deteriorating financial situation has caused the company to delay one of the most advanced engines that it has ever designed, a 4.5-liter diesel for light-duty trucks. "We have to make tough decisions right now," GM Powertrain spokeswoman Susan Garavaglia said. Truck enthusiasts were eagerly awaiting the engine, which would have started production next fall at GM's plant in Tonawanda, N.Y.

BMW introduces anniversary edition 760Li

Twenty-five years ago, BMW delivered the first V12 7-series sedan. It used 5.0 liters of displacement to make a whopping 296 hp, which was powerful for its time. Now the marque from Bavaria introduced the 25th anniversary edition of that V12 sedan with more displacement and much more power.