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Despite the Volkswagen Phaeton suffering poor sales and losing money, Volkswagen is committed to the idea and wants to build another generation of the luxury sedan. It could cost the company an estimated $737 million to do it, while already having the Audi A8 to fill a similar role.

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During a gathering of 20,000 Volkswagen Group employees at company headquarters in Wolfsburg, Germany on Wednesday, CEO Martin Winterkorn dropped a bombshell. The boss stated that the automaker isn't operating efficiently enough and admitted the company needs to radically start cutting back to raise its profit margins. To right the ship, Winterkorn has proposed killing off less profitable models and spending less on research and development.

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General Motors has confirmed it will cut 100 research and development positions at its Warren, Michigan, Technical Center and will close another R&D lab in Bangalore, India.

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Every little bit helps, right? Most people reading this site are probably conscious of their eco-footprint at all times, whether working or at home. Besides being sound environmental thinking, eco-conscious actions also save money. Recently, the sinking global economy and the poor state of the American auto market have been forcing Chrysler to take a closer look at its day-to-day practices. For instance, Chrysler has turned the heat down from 72 degrees to 68 degrees at its headquarters in Aubur

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Peugeot-Citroen HYmotion4 hybrid drive architecture

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The Chrysler Group is looking for advice from other DaimlerChrysler divisions on how to cut the cost of each vehicle it produces around $1,000 on average. DaimlerChrysler CEO Dieter Zetsche told CNBC in Paris that executives from Mercedes-Benz in particular were helping put together a plan to make the cost cutting happen. The group advising Chrysler CEO Tom LaSorda also includes execs from the company's commercial vehicle operations and some outside consultants.

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