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News watch August 2010: today's industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hourTuesday 31 August 2010• HSBC has sold its US car loan business to Spanish bank Santander, for an estimated £2.6bn in cash and assumed debt. The move sees the bank further distance itself from the collapsed US sub-prime market (Financial Times, subsription required) • Toll roads do not improve congestion, according to the Campaign For Better Transport. Its claims M6 toll road operator Midland Expressway Ltd is losing ‘tens of millions of pounds’ each year, while conditions on the original M6 have failed to improve (Campaign for Better Transport) Friday 27 August 2010• Spyker, which bought Saab earlier this year, has posted a €139m loss after tax in the first half of 2010 it announced today (Financial Times)• Fiat CEO Sergio Marchionne says the business is performing strongly in the third quarter – and has ruled out selling Alfa Romeo.

2014 Kia Forte sedan pricing set at $16,700

UPDATED: The base 2014 Kia Forte sedan will cost $16,700 including destination when it goes on sale next month, fitting slightly below its compact competitors. Kia is touting the 2014 Forte as the least expensive in its class, and the compact sedan does in fact cost $80 less than the redesigned 2013 Nissan Sentra at $16,780, $90 less than the new 2013 Dodge Dart at $16,790 and $225 less than the 2013 Ford Focus sedan at $16,995. The new price is a slight increase from the 2013 model, which cost $16,175 after shipping charges.

Vuhl to debut 05 car at Goodwood Festival

A Mexico-based carmaker says it will debut what it calls a supercar at the Goodwood Festival of Speed in July. The company is named Vuhl—pronounced “vool”—and its first product will be the 05, described as a road-legal lightweight car engineered for the track. We don't know much about the 05, and Vuhl didn't give us much to go on besides a teaser photo of the car's front end.