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Koenigsegg backs out of deal to buy Saab

Swedish exotic-car maker Koenigsegg Group has canceled plans to buy Saab from General Motors. GM announced that the deal was off on Tuesday and gave no reason why the deal fell apart, nor did the automaker say what would happen to Saab. In a statement, GM CEO Fritz Henderson said: "We're obviously very disappointed with the decision to pull out of the Saab purchase.

VW Up SUV & Cross Coupe SUV to go in to production

VW Up SUV planned based on Buggy Up Concept Volkswagen are to add two new compact SUVs to their range below the Tiguan, expected to be the VW Up SUV and Cross Coupe. There’s no question that one of the biggest new markets for cars is the compact SUV. From the Nissan Juke to the Vauxhall Mokka to the Ford EcoSport there seems to be an endless appetite for butch little urban warriors.

BMW, Daimler experiment with upscale rent-by-the-ride

Two European luxury brands are tiptoeing into car sharing, a radical move for carmakers whose business for the past 100 years has been selling to individuals. German archrivals Daimler AG and BMW AG have launched sharing programs. The automakers say the move was prompted by changing attitudes about car ownership, especially among young buyers, and increased urban congestion.