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Volkswagen chief: No. 1 in the world by 2018

Volkswagen chairman Martin Winterkorn reaffirmed his company's ambitious and audacious goals on Wednesday night on the eve of the Paris motor show: pass Toyota and General Motors for the title of world's largest automaker in 2018. Winterkorn was the final speaker after an event that featured unveilings from each of the German conglomerate's brands. He said his company wants to record total sales of 10 million in eight years, which would vault it pass the current levels of global leaders Toyota and GM.

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).

Porsche Macan will sell 75,000 a year

The Porsche Macan – Porsche’s more compact SUV, based on the Audi Q5 – looks set to sell at a rate of 75,000 cars a year. The new Porsche Macan - the Porsche Cajun as was -  already looked set to take Porsche sales to another level with projected sales of 45,000 a year from 2013, but it looks like that ambitious target is going to be exceeded. German weekly WirtschaftsWoche is reporting that Porsche’s procurement boss, Uwe-Karsten Staedter, has put Porsche suppliers on notice that they are expecting to sell 75,000 Macans a year by the end of 2013 – an increase of 2/3rds on the original sales predictions.