German luxury car manufacturer, Audi launched a super sports model 'Audi R8' in India. The mid-engine sports car is available at Rs 1.17 crore including central sales tax, transportation and other charges.

The sports car is equipped with an engine displacement of 4,163 cc and a power output of 420 hp. It can attain a maximum speed of 301 km. R8 comes with six-speed R-tronic gearbox and an all-aluminium space frame body. It's highly sophisticated interior and exterior design offers luxurious feel to driver with a number of interior options. The company is committed to make it as the most successful premium brand by 2015.

Washington - Congressional leaders Saturday joined president-elect Barack Obama's call for support of the ailing auto industry, sending a letter to Treasury Secretary Henry Paulson to tap money from the 700-billion-dollar financial rescue package.

"A healthy automobile manufacturing sector is essential to the restoration of financial market stability, the overall health of our economy, and the livelihood of the automobile sector's workforce," said Speaker of the House of Representatives Nancy Pelosi and Senate Majority Leader Harry Reid.

Hamburg - Carmakers struggling to fund lease purchase sales may turn to a German government fund originally devised to bail out banks, according to a news report Saturday.

The financial services divisions of most automakers hold banking licences in Germany and could qualify for guarantees. Interest rates on those guarantees average about 
2 per cent annually, which is significantly cheaper than commercial borrowing rates in the current credit crunch.

The reported third quarter operating losses – nearly $7.2 billion combined - for General Motors Corp and Ford Motor Co are worse than what were being feared. This, according to an events expert, raises the possibility that one or both will run out of cash within the next year, thereby giving the shuddering economy yet another blow.

While GM posted a $4.2-billion operating loss, Ford reported loss of $2.98 billion. The two companies said their rate of cash burn had accelerated, as an extended slump in car sales raised questions about the future of the US auto industry.

The ongoing world financial crisis has badly impacted the commercial vehicle industry. High interest rates and liquidity crunch forced them to reduce production and think over cost cutting measures. Many automobile companies have cut production due to decrease in demand and low sale of commercial vehicles.

Washington  - The two major US automakers, Ford Motor Co and General Motors Corp, reported massive third-quarters losses Friday as the ailing industry continued to lose cash and shed jobs.

Ford, the second-largest US automaker, reported a third-quarter operating loss of 2.98 billion dollars and said it would cut jobs and spending to preserve its perilous cash reserves.