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Obama calls for shared sacrifice in auto bailout

President-elect Barack Obama says he wants to keep tough conditions on automakers that get federal loans. The companies must develop sustainable business models because it would be unacceptable "to keep them on their lifeline through taxpayer dollars in perpetuity," Obama told The Washington Post. Obama said industry restructuring will require "everybody, from labor to management to creditors to shareholders, giving something up." His comments contradict suggestions that the new administration will relax federal loan agreements reached last month with General Motors and Chrysler LLC, possibly with softer demands on the UAW.

Audi TT revs up for Geneva auto show

Audi has unwrapped its new TT at a media preview proceeding tomorrow’s Geneva motor show, revealing the new look, contemporary interior and updated mechanical package the German coupe carries into showrooms when North America sales get underway later this year. The third-generation TT has an all-new exterior design. The car is again a three-door liftback and has the same basic dimensions as its predecessor, but is subtly sleeker with more precise detailing and crisper lines.

Bugatti Atalante sells for £3 Million

Back at the turn of the new year, we brought you news of a Bugatti Type 57S Atalante that had been found in a barn in the North East, after the death of its owner, a Dr Harold Carr. We speculated on its price, for which estimates varied hugely, with some reports suggesting that a price up near £7 million was likely. We plumped for £3,000,000 and, probably more by luck than judgement, we were bang on the nail!