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Saab seeks court protection from creditors

Saab is filing for protection from creditors from a Swedish district court, the automaker's owner, Swedish Automobile, said Wednesday. Saab is seeking court approval for a voluntary reorganization to secure short-term stability while it waits for funding from Chinese investors Pang Da and Zhejiang Youngman, Swedish Automobile said in a statement. Victor Muller, CEO of both Saab and Swedish Automobile, said in a statement: "We have concluded that a voluntary reorganization process will provide us with the necessary time, protection and stabilization of the business, allowing salary payments to be made, short-term funding to be obtained and an orderly restart of production to be prepared." Muller remains optimistic about Saab's future.

Magna Steyr MILA Coupic revealed

Magna Steyr – an independent engineering and manufacturing company – will be revealing the MILA Coupic concept study at the rapidly-approaching Geneva motor show. The MILA Coupic, the sixth concept in the MILA innovation family, brings together three different vehicle concepts into one SUV coupe that can transform into a sporty pick-up or an open-air convertible. The concept is constructed using a combination of textile, glass, roof modules and seating technology.

Volvo 13-liter liquefied-natural-gas engine announced for North America

It comes as no surprise that, with rising fuel costs, companies are continuing their efforts to increase efficiency. Volvo Trucks, for its part, plans to launch a 13-liter liquefied-natural-gas engine for North America in 2014 and is set to develop a new form natural-gas fuel called DME, or dimethyl ether. Volvo looks to add the liquefied-natural-gas option to complement its compressed-natural-gas (CNG) offerings.