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Saab seeks court protection from creditors

Saab is filing for protection from creditors from a Swedish district court, the automaker's owner, Swedish Automobile, said Wednesday. Saab is seeking court approval for a voluntary reorganization to secure short-term stability while it waits for funding from Chinese investors Pang Da and Zhejiang Youngman, Swedish Automobile said in a statement. Victor Muller, CEO of both Saab and Swedish Automobile, said in a statement: "We have concluded that a voluntary reorganization process will provide us with the necessary time, protection and stabilization of the business, allowing salary payments to be made, short-term funding to be obtained and an orderly restart of production to be prepared." Muller remains optimistic about Saab's future.

Check out the 1,360-hp heart of the Koenigsegg One:1

The wild Koenigsegg One:1 showed up on our radars late last year before it appeared at the Geneva motor show in March. The latest piece of machinery from company founder--and Michael-Chiklis lookalike--Christian von Koenigsegg delivers one horsepower per kilogram, hence the name. That means 1,360 hp and 737 lb-ft of torque with a 3,000-pound curb weight.

New Toyota Yaris TR released

Toyota has upgraded the spec on the Toyota Yaris TR The changes to the new Toyota Yaris TR move it up the range towards the T-Spirit. There are ten Yaris TR models in the range (prices and detail at the bottom) and all get an upgraded spec. The Toyota Yaris TR now gets 15″ Eught-Spoke Alloys (just like the T-Spirit), AirCon, electric windows and mirrors, 6-speaker sound system (just 4 on the 1.0 VVTi), leather wheel with audio controls, leather gear shift trim and adjustable steering wheel.