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Saab secures more funds as it seeks to avert collapse

Saab parent Swedish Automobiles has found another financial lifeline in China as the struggling carmaker faces possible legal action from unions over unpaid wages. In a statement this morning, Swedish Automobiles announced that an un-named Chinese firm has placed an order for 582 Saab vehicles, valued at 13 million Euro (£11.5m) with full pre-payment 'expected to be made this week'.  Saab plans to use the funds to pay wages and begin partial payments to component suppliers in order to restart production. Saab's financial crisis: the current situation.

GM agrees to sell Saab to supercar company Koenigsegg

General Motors confirmed Tuesday morning that it has a tentative agreement to sell Saab to a group led by Swedish supercar maker Koenigsegg Automotive. The deal would close by the end of the third quarter and put Saab in the hands of an upstart, boutique car company known for producing eye-catching cars with gaudy horsepower ratings and even gaudier price tags. The agreement includes $600 million in financing from the European Investment Bank.

Royal Mail British Auto Legends Stamps: Thoroughbreds & Workhorses

The Jaguar E-Type Stamp (pictured) is just one of set of stamps to celebrate British Auto Legends Commemorative stamps have become an industry on their own, and are probably the only bit of Royal Mail that works at a profit. After all, stamp collectors are buying a service when they buy the stamps but aren’t actually using it. The latest set of Royal Mail stamps are designed to commemorate ‘British Auto Legends’ with the core set of six stamps celebrating some of the coolest cars to come out of the UK in the 1960s and 1970s.