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GM posts wider loss, burns through $5.2 billion in cash

General Motors, battered by a global economic collapse and buoyed by U.S. rescue loans, posted its sixth straight quarterly loss and burned through $5.2 billion in cash as revenue shrank by more than a third. The net loss of $9.6 billion in the fourth quarter compares with a loss of $1.5 billion a year earlier.

IDEA Institute acquired by Quantum Kapital

Turin-based automotive design, modeling and engineering firm IDEA (Institute of Development in Automotive Engineering) has been sold to Quantum Kapital AG, an investment company with an industrial emphasis based in St. Gall, Switzerland. The transaction is expected to be completed in the next few weeks.

Packard 1108 Twelve wins Pebble Beach concours

The 1934 Packard 1108 Twelve that won the Pebble Beach Concours d'Elegance in a perfect coat of dark green paint was once a lowly taxi cab prowling the streets of Puerto Rico in roughly applied red and orange livery. "A gentleman named Ricardo Ricasta bought it in New York in 1934 and the car returned to Ricasta's original home in Puerto Rico for a while," owner Joseph Cassini said. "When he passed away and the family had no interest in the car, it became a taxi cab for a while." Imagine hailing a cab in downtown San Juan and this magnificent Packard rolls up.