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Report: Gasoline engine has big bang for the fuel-economy buck

A government report says improving the gasoline engine will yield huge gains for the consumer and the environment as automakers consider ways to improve fuel economy over the next 14 years. The Obama administration's technical assessment looked at four technology scenarios by which automakers might attain suggested CAFE goals of 47 to 62 mpg for cars and light trucks by 2025. The scenarios differed by the portion of an automaker's fleet that was accounted for by electrics, hybrid electrics and plug-in hybrid electrics.

GM officially bankrupt

GM finally enters Chapter 11 Bankruptcy The US Government is to provide £30 billion to fund the transition, with GM being split in to ‘Old GM’ and ‘New GM’. In exchange for the money the US Government will take a 60% stake in ‘New GM’ with all the toxic assets and liabilities being disposed of through ‘Old GM’. The restructuring will allow GM to survive on a third less sales than before (10 million instead of 15 million).

Swedish sports-car maker Koenigsegg may buy Saab

General Motors has chosen Swedish luxury sports car maker Koenigsegg Automotive AB as the preferred bidder for the Saab brand, news reports said. Koenigsegg and Norwegian investors have signed a letter of intent to take over Saab, Swedish television said Thursday, attributing its report to unnamed sources. "The deal is there now and a few minor details remain," a source told Reuters.