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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.

Interior Motives China Conference 2007

There are 1.3 billion people in China, with 38 million cars between them. 7 million new cars were sold last year, nearly 9 million are expected to sell this year - a growth rate of over 25%. Of the 140 different Chinese car companies, the top ten are responsible for 85% of sales.

2012 Fiat Panda starts at £8,900

The new Fiat Panda starts at under £9k The 2012 Fiat Panda will cost from £8,900 for the POP 1.2 8v 69 CV, rising to £12,250 for the Panda Lounge 1.3 MultiJet 75 CV in the UK. The 2012 Fiat Panda was unveiled at the Frankfurt Motor Show last Autumn, and looks as though it’s going to continue the Panda tradition of simple motoring at affordable prices with the news that the starting point for the new Panda will be £8,900 for the entry-level Panda POP 1.2 8v 69 CV. Even the top-of-the-range Panda Lounge 1.3 MultiJet 75 CV comes in at a not too unreasonable £12,250, with another eight models in between the two extremes offering variations of trim and engines to suit sensible urbam motoring.