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Obama vows to help rebuild industry to compete, win

President Barack Obama on Tuesday vowed to hold U.S. automakers accountable for "bad practices" but promised to help create a "retooled, re-imagined auto industry." In remarks to a joint session of Congress, Obama gave a sobering assessment of the nation's ills--mainly economic--but said: "We will rebuild, we will recover, and the United States of America will emerge stronger than before." About midway through the speech, the president said: "As for our auto industry, everyone recognizes that years of bad decision-making and a global recession have pushed our automakers to the brink. We should not, and will not, protect them from their own bad practices.

GM posts $6 billion loss, burns $10.2 billion in cash as sales fall

General Motors, facing a June 1 U.S. restructuring deadline to avoid bankruptcy, posted a $6 billion net loss in the first quarter and burned through $10.2 billion in cash as global auto sales plunged. GM had $11.6 in cash reserves on March 31, down from $14.2 billion at the end of the fourth quarter.

New McLaren F1 to get 1000 bhp – private reveal at Pebble Beach

The new McLaren F1 – McLaren P12 Project – will be revealed to private clients at Pebble Beach next month and gets 1,000bhp. McLaren’s successor to the iconic McLaren F1 is nearly upon us, and according to a McLaren owner we’ve spoken to it looks set to be revealed privately at Pebble Beach next month prior to a public debut at the Paris Motor Show in September. According to our source, McLaren already has at least two complete cars to show and has shown the new F1 – which may be the McLaren 799 – to a number of wealthy McLaren clients already.