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News watch May 2012: today's auto industry news

Welcome to CAR Magazine's news aggregator as we round up the daily stories in the auto industry. Top tip: news summaries are added from the top hour-by-hour Friday 1 June 2012• Peugeot-Citoren has been hit hardest by a 17% drop in overall domestic sales during May. PSA saw a 28% fall in sales, with Renault suffering a 14% decline, and Fiat 21%.

Porsche nearing 900 orders for its 918 Spyder hybrid concept

When Porsche AG showed the 918 Spyder at the Geneva show in March, we said it was a car to “make anyone a believer in hybrid supercar tech.” Well, maybe not anyone, but Porsche now says it has almost 900 potential buyers for the two-seater hybrid prototype as the German automaker gets closer to approving production. Porsche development chief Wolfgang Duerheimer said he is confident the company will soon reach the threshold of 1,000 orders, which is how many the company needs to “make a sound business case.” The 918 has 680 hp and, according to Porsche, will get 78 mpg and run from 0 to 60 mph in 3 seconds. Porsche said it wants to double its overall vehicle sales to 150,000 in the next five years or so.

Renault Initiale Paris concept (2013) at Frankfurt motor show

The Renault Initiale Paris concept previews the next-gen Espace, with a view to shifting the new MPV upmarket. Whether a Renault people carrier can be taken seriously as an upmarket proposition is up to you, but there’s no arguing with some of the exceptional attention to detail dotted around the Initiale Paris. What’s under the Renault Initiale Paris’s bonnet?