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GM officially bankrupt

GM finally enters Chapter 11 Bankruptcy The US Government is to provide £30 billion to fund the transition, with GM being split in to ‘Old GM’ and ‘New GM’. In exchange for the money the US Government will take a 60% stake in ‘New GM’ with all the toxic assets and liabilities being disposed of through ‘Old GM’. The restructuring will allow GM to survive on a third less sales than before (10 million instead of 15 million).

Official: Honda F1 becomes Brawn GP

Honda F1 morphs in to Brawn GP Well, it’s good to see they survived! After reporting last week that the Honda F1 team was going to be the subject of a management buyout, thus securing the team and its employees, an official announcement has now been made and we can confirm that Ross Brawn has taken control of the Honda F1 Team, which will henceforth be known as Brawn GP. It would have been a mighty shame if Ross Brawn had been lost to F1 again.

Corvette ZR1 (2008): first official pictures

By Ben Oliver First Official Pictures 13 January 2008 21:56 General Motors has unveiled its fastest, most powerful production model ever. Official figures have yet to be released but insiders say the Corvette ZR1 is likely to top 200mph and crack 60mph in a little over 3 seconds. Its new supercharged, 6.2-litre LS9 V8 makes 620bhp and 595lb ft of torque, which GM claims gives the ZR1 a better power-to-weight ratio than the Ferrari 599, Porsche 911 GT2 and Lamborghini Murcielago LP640.