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GM, Koenigsegg sign deal on Saab sale

General Motors Co. reached a deal Tuesday to sell its money-losing Swedish subsidiary Saab to Koenigsegg Group AB. The companies signed a stock purchase agreement that would give the tiny Swedish supercar maker 100 percent of Saab's shares, GM Europe said in a statement.

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.

Volkswagen puts a price on the VW Polo BlueGT

The Volkswagen Polo Blue GT – a warmed over Polo – will cost from £17,400 for the 1.4-litre 138bhp 6 spd manual. The Polo Blue GT gets the 1.4 TFSI engine with 138bhp so the little Polo can row along well enough, but it also get cylinder deactivation for when you’re not blatting from traffic light to traffic light to endow the Blue GT with official average economy of 60.1mpg (or 62.7mpg if you opt for the DSG ‘box). When you’re not worried about being parsimonious with your fuel the Polo GT skips along to 62mph in 7.9 seconds and handles well enough thanks to the Polo’s already decent setup and a 15mm lower suspension.