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GM cancels Opel Vauxhall sale to Magna

By Tim Pollard Motor Industry 03 November 2009 22:59 General Motors tonight surprised the world by pulling its proposed sale of its European division – Opel and Vauxhall – to Magna. In a dramatic U-turn, Detroit said 'an improving business environment for GM over the past few months' had made it reappraise its spin-off plans.The 11th hour switch means that GM will still retain full ownership of Opel and Vauxhall, which will now 'be restructured in earnest'. Canadian parts giant Magna had won the race to buy a controlling stake in GM Europe, as a newly relaunched Detroit sought to shore up its finances.

Saab is sold again: two Chinese makers buy Saab

Chinese car makers Pang Da and Youngman today agreed to buy Saab in its entirety from Swedish Automobile. It's the latest extraordinary twist in the saga of Saab, which has been technically bankrupt since September 2011 and built just 11,000 cars this year. The deal, which will see the Chinese car makers pay €100 million for Saab, has not yet however been signed and sealed.

Leno lines up electric Ford Focus for celebs to turn fast laps

Car collector Jay Leno's new prime-time TV show launches a new segment on Friday night, challenging visiting celebrities to set a fast lap time on a track outside the entertainer's studio. The car that Leno hands to his guests is an electric-powered Ford Focus--a harbinger of a battery-powered Focus that Ford plans to put on sale in 2011. Leno's electric Focus uses the more-modern European Focus as its base, not the well-aged U.S.