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Spyker signs deal with China's Hawtai Motor to raise funds for Saab

Saab owner Spyker Cars on Tuesday said it has signed an agreement with China's Hawtai Motor Group to form joint ventures for manufacturing, technology and distribution. The agreement will also provide $222 million (150 million euros) funding for Saab, which has been forced to halt production because it cannot pay suppliers' bills. Victor Muller, Spyker CEO and Saab chairman, said the partnership will allow Saab to enter the Chinese car market with a strong Chinese manufacturer.

Drayson breaks electric land speed record - Video

The Drayson Racing Technologies Lola B12/69 EV electric race car hit a top speed of 204.2 mph at a racetrack at RAF Elvington in Yorkshire, England, smashing the previous record of 175 mph set by Battery Box General Electric in 1974. Fittingly, Lord Paul Drayson was behind the wheel. In order to qualify for the attempt at the electric land speed record, the vehicle had to weigh less than 2,204 pounds (1,000 kg) without the driver.

ANALYSIS: The incredible shrinking Alfa stand at the Geneva motor show

When he talks, Fiat CEO Sergio Marchionne conveys high hopes that the Alfa Romeo brand soon will be a huge business success, but actions often speak louder than words. Fiat has massively reduced the size of the 100-year-old sporty brand's stand at the forthcoming Geneva show. In March, Alfa's stand will shrink to 639 square meters from this year's 979 square meters, which was the second-largest display space among Fiat Group's portfolio after the Fiat brand.