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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.

Bungling thief caught after stealing hire car's steering wheel

A DIM-WITTED criminal has been convicted of theft after stealing parts of a brand new Audi A3 hire car and replacing them with old bits taken from his much older Audi S3. Alexander Keating, a 23-year-old former bodyshop technician who lost his job following the conviction, stole parts as obvious as the steering wheel and gear knob from the A3 that his mum had hired after damaging her car in an accident. Keating foolishly believed no one would notice the battered old steering wheel on the otherwise shiny, new car, but sure enough the mismatched parts were spotted and the hapless bungler was caught by the car hire firm’s bespoke anti-fraud team Asset Protection Unit (APU).

Bertone may sell Nuccio supercar concept to Chinese collector

Italian design and engineering firm Bertone is in talks with a Chinese car collector to sell its one-off Nuccio supercar. "We are currently in close negotiations with a Chinese collector who wants to buy the Nuccio," Bertone CEO Marco Filippa told Automotive News Europe at the Beijing motor show. The asking price for the Nuccio, which took an estimated 15,000 hours to design, engineer and build, is about $2.64 million (2 million euros), Filippa said.