The Demo Site

(Credit: Turn 10)

The first two installments of Turn 10's Xbox 360-exclusive Forza Motorsport series received some incredibly high marks, so racing fans are pretty stoked to hear that version three is on the way. In October, Forza 3 will hit stores, and it looks as impressive as ever, ...

Originally posted at Crave

How the World's Largest Automaker Drove Down the Road to Bankruptcy

June 1, 2009. Less than a year after celebrating its centenary, the company we knew as General Motors is dead. Once the richest and most powerful automaker in the world; the symbol of American industrial might; the engine room of the American economy, General Motors is now officially bankrupt. A new GM is scheduled to emerge from Chapter 11 in 60 to 90 days' time. It will be leaner, smaller, more focused. But it will also be a mere shadow of the company that once defined 20th century America.

U.S. Government Expected to Hold Majority Share for Years

Like a LaSalle, any stock certificates you have in General Motors have become collectors' items. Like the Pontiac Aztek, they're not worth anything. And like Citigroup, GM stock is no longer part of the Dow Jones Industrial Averages. The new owners of the company are the American taxpayers, at 60 percent, the Canadian and Ontario governments, at 12 percent, the United Auto Workers' Voluntary Employee Benefit Association at 17.5 percent and unsecured bondholders who agree not to challenge the bankruptcy owning most of the rest, about 10 percent. They hold warrants to buy another 15 percent later on.

According to the chairman of Magna International, the Canadian auto parts company is banned from selling Opel cars in the U.S. and China.

“The agreement with General Motors does prevent us from selling Opel in the United States,” Frank Stronach told reporters at a news conference in Ottawa.

Prohibition on selling Opels in China might be flexible in the future if it makes economic sense.

Stronach said that Magna has been talking to the Canadian government for funding a project to produce electric-systems for electric-vehicles that it may produce in the near future.

“I’m very confident that Magna will be amongst the leaders in selling and building electric cars,” Stronach told reports.

No word on whether Magna will electrify Opel with a lineup of electric-cars; although, we wouldn’t doubt it.

Source: Reuters

Ken Block, rally racer and co-founder of DC Shoes has released his Gymkhana Two infomercial. We’re not going to kill too much of your time since the video itself is 7 minutes of outstanding drifting by Block that will leave you with your jaw dropped.

The 2008 Subaru STi in the video was custom built by Crawford Performance and the Sunkworks Team. The car, which was created specifically for Gymkhana Two, was custom built according to Block’s unique specifications.

It features a 565-hp Crawford Performance SR5 2.65L race engine that produces a maximum torque of 435 lb-ft. It also features a Tein Super Racing Coilovers, which were custom valved for Gymkhana Tein springs. Stopping power comes from a Brembo Gran Turismo braking system.

Source: Gymkhana Two

Finally, an edition of Miscellaneous Thoughts that isn’t focused around GM’s bankruptcy filing. However, we find the first crime (that we’re aware of) committed against the 2010 Chevrolet Camaro and find out that men (which makes up all of egmCarTech’s staff) are twice as likely to fall asleep behind the wheel.

Chevrolet Camaro wheels stolen: Camaro5 forum member Number 3 woke up to a very painful sight this past Sunday when he found the 18-inch wheels on his 2010 Chevrolet Camaro 1LT missing. Apparently thieves stole the wheels overnight and left the Camaro sitting in the driveway. We’re hoping that there is no damage to the exhaust or oil pan. Nonetheless, the perpetrators of this crime shouldn’t be too hard to find since there aren’t many 18-inch wheels for the 2010 Camaro on eBay. - Camaro5

Men twice as likely to fall asleep while driving: According to a study by insurance company AAMI, men are twice as likely than woman to fall asleep when driving. ”Along with speed and alcohol, fatigue is one of the main contributors to road fatalities and injuries,” AAMI corporate affairs manager Mike Sopinski said in a statement. Make sure you get enough sleep people! - drive

DeVry to replace GM in S&P 500: Listen - we did our best to avoid GM headlines today so let us slip one in here.  Standard & Poor’s said it will replace General Motors with post-secondary education company DeVry in the S&P 500 index after the close of trading today. - WSJ

GM announced today that its sales fell 29.6 percent in May, which is much better than the 36 percent decline the analysts predicted. GM sold a total of 191,875 vehicles in May, as compared to 272,363 during the same period last year.

GM said that its sales in May were up 11 percent over April, or by 19,000 units. The Detroit automaker said that it was the company’s best performance of the year.

“What was lost in all the financial turmoil is that our outstanding products continue to compete strongly in the market,” said Mark LaNeve, GM’s vice president for North America vehicle sales.