GM agrees to sell Saab to supercar company Koenigsegg

General Motors confirmed Tuesday morning that it has a tentative agreement to sell Saab to a group led by Swedish supercar maker Koenigsegg Automotive. The deal would close by the end of the third quarter and put Saab in the hands of an upstart, boutique car company known for producing eye-catching cars with gaudy horsepower ratings and even gaudier price tags. The agreement includes $600 million in financing from the European Investment Bank.

Michelin launches 2012 Challenge Design competition

What began back in 2000 as a forum for people who share a passion for vehicle design and innovation has grown to inspire thousands of entries from 96 countries. Over the past decade, Michelin Challenge Design (MCD) participants have submitted vehicle design concepts for personal and public transport addressing a broad range of geographic themes and industry issues. And now, as the 2011 program draws to a close, MCD has announced the 2012 program, which opens for pre-registration from October 1, 2010 to March 4, 2011.

McLaren plans three models, including £60k sports car

By Tim Pollard Motor Industry 28 October 2008 14:36 McLaren Automotive is readying a family of sports cars to sell alongside its hardcore P11 supercar – including a bargain-basement, £60,000 sports car.  We’re following developments at McLaren’s Woking HQ with interest and – weeks after we published world-exclusive pictures of the P11 styling buck (above) – today we can reveal that McLaren is readying three separate model ranges. McLaren Automotive, the car-building arm of the McLaren Group, is plotting a three-tier range of sports cars, CAR understands. Under the McLaren Development Plan, Ron Dennis and the other directors plan to expand the manufacturing base dramatically.