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Koenigsegg backs out of deal to buy Saab

Swedish exotic-car maker Koenigsegg Group has canceled plans to buy Saab from General Motors. GM announced that the deal was off on Tuesday and gave no reason why the deal fell apart, nor did the automaker say what would happen to Saab. In a statement, GM CEO Fritz Henderson said: "We're obviously very disappointed with the decision to pull out of the Saab purchase.

Subaru's Levorg concept set for Tokyo

Subaru has revealed the first teaser images of its Levorg tourer concept ahead of its unveiling at next month's Tokyo Motor Show. The concept, which previews a new 2014 model, is designed to blur the line between a tourer's practicality and a sports car's design and will target the Japanese market. Its name is derived from a combination of the words ‘Legacy', ‘Revolution' and ‘Touring'.

The King and his court at Amelia Island

NASCAR legend Richard Petty was joined by celebrated racers Carroll Shelby and Don Garlits on Saturday at a seminar at the Amelia Island Concours d'Elegance in Amelia Island, Fla. Shelby was filling in for Sir Stiling Moss OBE, who was injured a week ago after falling into an elevator shaft at his home. The three racers regaled a packed house with stories from their careers.