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Sergio Marchionne warns of strife ahead in Europe

Fiat chief exec Sergio Marchionne today warned of troubled waters ahead as Europe's car makers prepare for a radical restructuring. Marchionne, who's the current president of trade body ACEA, said factory closures were looming and repeated his call for a concerted EU-wide response to overcapacity. He warned that national interest was blocking action to strip out excess capacity, caused after European new car demand crashed by 3 million in the past five years.

Saab seeks court protection from creditors

Saab is filing for protection from creditors from a Swedish district court, the automaker's owner, Swedish Automobile, said Wednesday. Saab is seeking court approval for a voluntary reorganization to secure short-term stability while it waits for funding from Chinese investors Pang Da and Zhejiang Youngman, Swedish Automobile said in a statement. Victor Muller, CEO of both Saab and Swedish Automobile, said in a statement: "We have concluded that a voluntary reorganization process will provide us with the necessary time, protection and stabilization of the business, allowing salary payments to be made, short-term funding to be obtained and an orderly restart of production to be prepared." Muller remains optimistic about Saab's future.

McLaren P1 hybrid supercar (2013) test video and new details

McLaren is forging ahead with development of the P1 hybrid supercar, and has released details of the partners working on 'the world's best driver's car', in the subjective words of the Woking-based firm. Scroll down to watch a new, official video. Just remind me of the P1 basics The camouflaged P1 mules we've scooped testing in Southern Europe are helping the McLaren engineers develop bespoke components for the P1.