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Essex man builds his own road-legal F1 car

OK, first things first – this isn't really an F1 car. In fact, aside from the Red Bull livery, it shares very little in common with a real F1 car. But we couldn't help but take a closer look.

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.

Alfa Romeo MiTo Sprint launches

The patriotically-painted Alfa Romeo MiTo Sprint Today we have yet another limited edition – the Alfa Romeo MiTo Sprint – which Alfa has ostensibly put together to celebrate its ongoing support of UK Athletics. Which does at least makes a change from following the herd. This year, that would have meant the Alfa MiTo Black.