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Toyota, Honda soar in May comeback; Chrysler extends gains

Chrysler Group posted a 30 percent increase in sales last month and General Motors and Ford rebounded from April declines as the U.S. auto industry showed signs of a sharp recovery from weak results a year ago. Toyota Motor Corp.

Saab: China’s Pang Da & Youngman to invest $7.5 billion. UPDATED

Saab: China to invest $7.5 billion Update: We have now been told by Saab that Pang Da and Youngman are to provide €50 million immediately and €600 million for short to medium finance. Funding for the revised business plan and provide long-term financial stability the new Chinese owners have also budgeted funding for the planned expansion of Saab Automobile’s portfolio and additional operations to be set up in China There will be a reduction of 500 in the employee numbers. Sales targets for 2012 of 35-55,000 cars and 2013 of 75-85,00 and long-term of 200,000 cars a year Interestingly, Saab says that ‘Saab Automobile has not received the funds from Pang Da and Youngman that have been committed for today.’ Oh, well. Although the deal which will see Saab sold to China’s Youngman and Pang Da is still subject to a raft of approvals – Swedish Debt Office, EIB, GM, Chinese Government… – it seems the Chinese have big plans to invest up to $7.5 billion in Saab in the coming years.

New Toyota Auris, Auris Tourer Estate & new Verso MPV at Paris

Toyota will reveal the new 2013 Auris, Auris Tourer Estate and Verso MPV at this month’s Paris Motor Show. We’ve already had the reveal of the new Toyota Auris ahead of the Paris Motor Show, but it won’t just be the new Auris that’s on Toyota’s stand. For the first time we are getting a Toyota Auris Tourer (Estate) added to the Auris range and aimed straight in to the firing line of the new Ford Focus Estate and Vauxhall Astra Sports Tourer.