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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.

Crunch watch July 09: the auto industry in crisis

By Tim Pollard, Ben Pulman, Ben Whitworth and Alex Michaelides Motor Industry 31 July 2009 11:23 Welcome to CAR's news aggregator as we round up the seismic change in the auto industry. Top tip: news summaries are added from the top hour-by-hour  Friday 31 July 2009• Lamborghini today posted pre-tax profits of €5.4 million – despite a sales drop of 37% in the first six months of 2009. Sant'Agata said turnover hit €156.9m in the first half (down 43%) as it sold 825 cars globally (Lamborghini)• British motorists could have to pay £250 in tax to park at work from 2012.

VW Polo GTI (2010): first news and photos

Volkswagen has just issued these first photos of the new 2010 Polo GTI. It uses the 1.4-litre TSI engine with turbo- and supercharging to liberate a stocky 178bhp – enough to make the Polo GTI into a proper little pocket rocket.The first hot Polo was the supercharged G40 of 1986, but that developed a relatively weedy 112bhp. The new 2010-spec Volkswagen Polo GTI is powerful enough to hit 62mph in 6.9sec and reach a 142mph V-max.