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Ferrari plans 458 Scuderia, new 599 and Enzo

Ferrari is planning a range of new cars to rejuvenate its sports car family - including a new 458 Scuderia, a replacement 599 GTB and a hypercar to replace the Enzo. A report by respected automotive industry journal Automotive News today published a detailed timeline of the new car launches planned by Maranello: 458 Spider Launched at the 2011 Frankfurt motor show, retractable hard top. European sales in autumn 2011 458 Scuderia Coming in 2013, following recipe of 430 Scuderia.

GM posts $7.6 billion profit for 2011

General Motors on Thursday posted a $7.6 billion profit for 2011, while recording its smallest quarterly profit of the year in the fourth quarter. Net income for the October-through-December period fell 7 percent from the year-earlier period to $472 million, as a $562 million loss in Europe--the steepest of the year there--weighed on the automaker's bottom line. North American earnings nearly doubled.

Sinkhole at National Corvette Museum consumes eight rare cars

Update: The National Corvette Museum has released a video of the sinkhole, which we've embedded below. Museum personnel are reportedly in the process of removing other cars from risky areas. We'll be sure to bring you more information as it becomes available.